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.

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