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

The three parties that have governed Germany in an increasingly fractious coalition for the past three years met on Wednesday evening for a last-ditch bid to agree a new economic consensus that could avert a collapse of the government.