In conversation after his speech, Coe, the British Olympic Association chairman, said that Jacques Rogge's successor as IOC President "just has to figure out how we connect with young people".

Young people under 30, he argued, were deeply suspicious of institutions the older generation took for granted.

This presented sport with an opportunity to "fill the void".

The same theme infused a well-received and notably well-rounded speech that was part of the final report from London 2012 to IOC members in which Coe argued that the "first quarter of the 21st century must be about reconnecting young people with sports".

In a world where "texting is the new talking", it was clear that social media must be a "cornerstone" of the Olympic Movement's attempts to engage with young people.

Social media was an important part in helping make London 2012 such a success, claimed Sebastian Coe

But focusing on social media alone was not enough.

The older generation must understand that "life is very different for our young people than it was for us.

"Sport...can and does reach them."

On London 2012's economic impact, Coe told the IOC that some £6 billion ($10 billion/€7 billion) of contracts had been awarded to UK businesses in the run-up to the Games, and that "we can match that in the next 10 years".

Some £10 billion ($15 billion/€11 billion) of international trade and investment had, moreover, been won off the back of the Games in the past year.

British elite sport would see a 13 per cent increase in funding between now and Rio 2016.

London 2012 was such a success that it has helped the Olympic brand "become stronger" claimed Denis Oswald, head of the IOC Coordination Commission

Responding, IOC member Denis Oswald, who headed the body's Coordination Commission for the 2012 Olympic and Paralympic Games, predicted that London 2012 would remain one of the best examples of the "hard and soft legacies" that the Games can offer.

The IOC brand, he said, had become "stronger than ever".

IOC members are to elect a new President here on Tuesday (September 10), with Oswald one of six candidates.