Decoubertin

When Pierre de Coubertin set out to revive the Olympic Games in 1894 he wanted to do more than establish a modern sporting competition.

He wanted to create an international movement that combines sport and education. That positions sport as a model for peace and harmony, that upholds a set of values that extend well beyond the playing field.

I believe the Olympic movement and the Paralympic movement have often been the catalyst for social, urban and societal changes.

Over the years the IOC has learned about what it takes to create, manage and sustain a positive legacy. The forthcoming Games will be the first to implement the Olympic Games Study Commission Report of 2003.

This report made a series of recommendations to limit the size, the cost and the complexity of future Olympic Games.

London has learned from this, and it will build its Games around legacy and sustainability. It will use existing and temporary venues and the cities existing infrastructure. It will only build facilities that will be valued and used by the local community long after the Games are over, and London has made regeneration a priority.

London's vision has indeed many parallels with De Coubertin's own Olympic vision. London's vision places sport and athletes at the heart of the Games, along with young people and a strong focus on culture and education.

In focusing on young people and on the impact of the digital revolution on the way that the Olympic Games connects with the public, London is supporting the IOC's own priorities.

Over 5000 UK schools have already joined the London 2012 Education Programme, and they signed up in time to support the handover.

London 2012 is challenging children in schools and in the rest of their lives to see how Olympism in general, and the London Games specifically, can inspire them to embrace active lifestyles.

This is why I firmly believe that the Olympic movement is more relevant and has more to offer, especially to young people, than ever before.

In short, Olympic values matter. Our values are now principles, and never are they needed more than for young people across the world. In the words of a recent Olympic public service advertising campaign, "They bring out the best of us".

I am conscious that we come out of the enormous success of Beijing into very difficult economic times. Well, the Games have survived difficult time before. They have survived and strived because of what they mean to people all over the world.

The Games remind us that the transient difficulties in life can be overcome through hard work and determination.

The Games show that excellence, friendship and respect have no limits, because while not all of us can be an Olympian, the simple joy of running faster, leaping higher or throwing further make all of us equal. It brings us together and it places all of us firmly in the world, not apart from it. Thank you very much.