Coe, the London 2012 chairman, made his pledge when he updated the European Olympic Committees (EOC) annual assembly in Istanbul.

 

These commitments, Coe promised, included retaining an athletics track at the Olympic Stadium after the Games have finished.

 

He said: "One must be able to respond when you are planning such a massive event to changing circumstances.

 

"Now we are in very different conditions to those when we won the bid but we are no less determined to honour our commitments.

 

"The stadia will be permanent and meet the needs of the athletes and the communities.

 

"For as Jacques Rogge said there is no room for white elephants."

 

Coe, who claimed that all London's early targets such as transport had been met and that the initial operating budget of £2.5 billion was intact.

 

He also promised that the quality of the £1 billion Olympic Village would not be sacrificed due to the credit crunch.

 

He said: "There will be no lack of progress

 

"We will leave a Village with the best possible living conditions for the athletes, most of whom will have devoted half their young lives to their respective sports.

 

"Geographically speaking the position of the village has not changed."

 

Coe warned that London would not try to match Beijing because the two Games should be viewed as being different.

 

He said: "However, when one is posed the question of, 'How can you match Beijing?', I believe that should not be the question.

 

"Each city is different and London will be entirely different.

 

"We are the next cab off the rank and the metre has started ticking and we are changing gear."

 

Pat Hickey, the president of the EOC, backed Coe and London to deliver a great Games in 2012.

 

He said: "We [the EOC] have to be reasonable in our expectations and see how things go."