Sebastian Coe: I absolutely think we were right to bid

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This is the biggest piece of project management a city undertakes and it is against an immovable deadline. It is a tough time for the economy but I remain upbeat about the potency of the Olympics to deliver an economic stimulus.

Even by a conservative estimate, this project is likely to create four to five per cent of the capital's economic activity over the next four years.

For example, we will be awarding contracts to a firm to provide 17,000 beds in the village and 900,000 pieces of sports equipment. In the past three and a half years we have banked more than £450 million in sponsorship.The Olympic Delivery Authority — our sister organisation, which is building the Olympic park — employs 3,000 people. This will rise to 9,000 in 2010.

There has been some conjecture about whether the Olympics bid would have been launched had we known the recession was coming. For the reasons I have set out I absolutely think we were right to bid. This project, which has £6 billion of contracts on offer, is a crucial part of the economic landscape.

After Beijing, I backed the Standard's campaign for a sports legacy flowing from London 2012 and I am pleased to say progress has been made.

There's more clarity about who is responsible for the legacy now. Sports participation is a matter for Government and the legacy of the venues is in the hands of the London Development Agency, although Locog assists where it can.

We enjoyed a real high following Beijing and we will maintain the momentum through the visible signs of progress at Olympic Park. Today we are at the midpoint between winning the bid in Singapore and the opening ceremony and we know the clock is ticking. In fact, I'm as focused on timings now as I was as an athlete.

Lord Coe is chairman of Locog, the organising committee of the London Olympic and Paralympic Games.