Paul Doolin’s side produced a spirited display but ultimately succumbed to the strongest side in the group. who will go to the finals in Hungary next month.
With the tournament being held in Ireland over the last week, the host side were hoping to make home advantage count.
Ramelton centre half McFadden started all three of the games in Dublin for the Republic.
Ireland got off to a winning start last Wednesday beating Iceland but fell to their first defeat on Friday against Turkey. That left the Irish needing to beat the favourites Serbia to progress.