The snap elections might create a new political crisis, however, since recent polls show the Conservatives will not have a partner to form a right-wing government.

Germany is set to hold fresh elections on February 23, eleven weeks after the collapse of Chancellor Olaf Scholz's governing coalition, with sources on Tuesday saying the Social Democrats, Greens and conservatives had reached a compromise on timing.

The decision follows a budget fight that prompted Chancellor Olaf Scholz to fire his finance minister and announce a confidence vote that is widely expected to fail.