Germany’s governing coalition collapsed Wednesday after Chancellor Olaf Scholz fired his finance minister following failed talks between the three ruling parties. Scholz said he will remain in office but called for a confidence vote on January 15, which could lead to fresh elections by the end of March.

Chancellor Olaf Scholz: “I will now very quickly seek a conversation with the opposition leader, Friedrich Merz. I would like to offer him to work constructively together on two issues, or more, which are important for our country: the quick strengthening of our economy and our defense. Our economy can’t wait until a snap election takes place.”