ECB head: Tough post-crisis reforms not done for EU or ECB, but for benefit of all

European Central Bank head Mario Draghi says efforts to combat Europe's crisis can have heavy social costs — but are the way to a fairer society.

Draghi said in a speech Wednesday that the effort to reduce deficits and improve growth "is coming at heavy social cost" because the benefits haven't yet materialized.

Draghi didn't mention Italy but his remarks come two days after the country's elections, in which a majority supported parties campaigning against austerity.

He said the way to a fairer society was to press ahead with reforms that would reduce injustices such as tax evasion and widespread youth unemployment.

He said "it is wrong to say that countries are undertaking reforms only to please the markets" or "the demands of technocrats" at the European Commission or ECB.