Olympics:IOC president Jacques Rogge has warned the financial crisis poses a challenge for the London 2012 Olympics but is confident the Games will survive the test.
In a speech in London tonight, Rogge said the Games had survived global economic slumps in the past and pointed out London will be less dependent on the huge building projects than Beijing.
In his speed to the Royal Society of Arts, Manufactures and Commerce, Rogge said: "I am conscious that we come out of the enormous success of Beijing, into difficult economic times.
"Well, the Games have survived difficult times before.
"They have survived and thrived because of what they mean to people all over the world. The Games remind us that the transient difficulties of life can be overcome through hard work and determination."
International Olympic chiefs are in London this week for four days of talks on the lessons that can be learned from the Beijing Games.
Officials from Beijing are sharing their experiences with organisers from London, Vancouver, Sochi and the 2016 candidate cities.
In his speech Rogge said the IOC's decision to slim down the Games following the Olympic Games Study Commission report of 2003 would help London to cope with economic difficulties.
He added: "This report made a series of recommendations to limit the size, cost and 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 city's existing infrastructure. It will only build facilities that will be valued and used by the local community long after the Games are over. London has made regeneration a priority.
"Each Games are unique. It is not the amount of money spent that determines how good a Games is, it is also the unique and inspiring atmosphere created within the city. I'm sure London will do very well there."