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.Read more: EU's Restrictive Stablecoin Rules Take Effect Soon and Issuers Are Running Out of Time

Representatives of German industry called on Thursday for a snap election following the collapse of the centre-left coalition. "Every additional day with this government is a lost day," emphasized Dirk Jandura,

German Chancellor Olaf Scholz said on Wednesday he would call a confidence vote on January 15, which could pave the way for a snap federal election in March.