German President Dissolves Parliament, Calls Snap Elections for Feb. 23.

German President Frank-Walter Steinmeier today dissolved the country’s lower house of parliament to pave the way for snap elections on 23rd February following the collapse of Chancellor Olaf Scholz’s three-way coalition.

In a speech in Berlin, Mr. Steinmeier said that in difficult times, like now, stability requires a government capable of acting and reliable majorities in parliament.

He added that after the elections, problem-solving must become the core business of politics again. Olaf Scholz, a Social Democrat who will head a caretaker government until a new one can be formed, lost a confidence vote in parliament earlier this month.

The national vote will come seven months ahead of schedule amid a rocky stretch of unusual political turmoil for the EU’s top economic power, with growth rates flatlining, industry in crisis and the far right on the rise.