German Chancellor Olaf Scholz called for a snap election after the collapse of his three-party coalition government.
Scholz wants a vote of confidence to occur by January to bring the federal election forward to March from September.

German Chancellor Olaf Scholz called for a snap election following the breakdown of his three-party ruling coalition, Bloomberg reported on Wednesday.

Scholz called for a confidence vote to occur in the European Union's largest economy by January with the aim of moving next year's federal parliamentary election to March from September.

The decision came after Scholz, who is from the Social Democratic Party, dismissed Finance Minister Christian Lindner, the chairman of the Free Democratic Party (FDP) party, saying he refused a proposal that would suspend rules limiting government borrowing.

"Too often, the necessary compromises were drowned out by publicly staged disputes and loud ideological demands,” Scholz said in a statement, according to Bloomberg.

Regulations Germany Elections

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.