Sweden’s Prime Minister Stefan Lofven submitted his resignation today after a week of no-confidence, and the Speaker of Parliament now has to find a new head of government.

The Social-Democratic official, who had until Monday to reveal his decision, ruled out the option of early elections, which he said during a press conference, were “not the best solution for Sweden.”

“A year before the periodic elections, given the exceptional situation in the country experiencing a pandemic and the challenges it poses, early elections are not the best solution for Sweden,” Lofven said.

“For this reason, I asked the speaker of parliament to dismiss my duties as prime minister,” he added.

Löfven is the country’s first prime minister with a no-confidence vote in Parliament.

But on Monday he said he was ready to take up the post again as part of parliamentary consultations.

His government will take care of business pending the formation of a new government.

The issue of subsidized rents that benefit a number of Swedes, a very sensitive topic from a political point of view, led to the downfall of the prime minister.

The Left Party had implemented its threat of no confidence in the government with the right-wing opposition and the extreme right if the executive authority did not back down from the project to liberalize rent prices.

Leuven’s seven days of consultations in an attempt to reach a new majority yielded no result.