FRANKFURT, Germany (AP) — European Central Bank President Mario Draghi has acknowledged that austerity measures and economic reforms can have heavy social costs — but argues they are the way to a fairer society because they can reduce injustices such as widespread youth unemployment.

Draghi’s remarks Wednesday come two days after an election in his native Italy, in which a majority of voters supported parties campaigning against austerity. The spending cuts and tax increases were carried out by Prime Minister Mario Monti over the past 15 months to lower the government’s massive debt burden and restore confidence in the 17-country euro, but they are blamed for worsening the recession and unemployment.