Merkel: look to reforms to boost growth

German Chancellor Angela Merkel said that Europe needs to consider growth-promoting measures that don't immediately cost money as it tries to claw out of its debt crisis, according to AP. Merkel on Thursday stressed the importance of measures such as labor-market and service-sector reforms. She underlined the need for patience - noting that labor reforms can't be expected to show effects in just a few months but take two or three years to work. Merkel has spoken out recently against new stimulus programs. On Thursday, she again stressed her commitment to finding "political solutions" and her opposition to relying on the firepower of the European Central Bank. She called for quick negotiations on plans to write down Greek debts.