Fearing uncertainty, German industry urges fast snap election

Industry leaders highlight need for fast reform to address economic challenges

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FRANKFURT - German industry, reeling from high costs and fierce Asian competition, urged Berlin on Nov 7 to hold snap elections as soon as possible after the ruling coalition broke up, warning that Europe's top economy had no time to waste to get back on track.

The comments from the automotive, chemicals and energy sectors, which together form the country's industrial backbone, highlighted the need for fast reform as German companies are increasingly falling behind international competitors.

Some top blue-chip firms, including top lender Deutsche Bank and insurer Munich Re, came out in support of quick elections to reduce uncertainty and ensure Germany remains attractive to investors.

On the evening of Nov 6, German Chancellor Olaf Scholz fired Finance Minister Christian Lindner after weeks of deadlock over budgets and other policies, dissolving the three-way "traffic light" coalition consisting of the Social Democrats, environmentalist Greens and neo-liberal Free Democrats.