Monte Carlo, Dec 8 (IANS): The International Olympic Committee (IOC) has approved major changes to the bidding process for Olympic Games at the 127th Session here Monday.

At the start of a two-day session, three recommendations of president Thomas Bach's Olympic Agenda 2020 reform package have been unanimously approved, reports Xinhua.

With the new bidding system, potential candidates will be able to discuss plans with the IOC during the invitation phase before deciding on whether or not to launch a bidding campaign.

The IOC will evaluate bid cities by assessing key opportunities and risks, and will encourage to reduce the cost of bidding by allowing a joint bid.

"Candidates shall be allowed to hold events outside the host city, even outside the country," said vice president John D. Coates, representing Working Group 1, while addressing the session.

Also, the IOC will allow candidates to integrate the Olympic Games into their own city plans, rather than the other way round.

The world's biggest multi-sports event's governing body is promoting these extraordinary reform after the 2022 Winter Games campaign saw four of six candidates having dropped out over financial concerns.