The logo is a stylized rendering of the Citadel (former fortress) and the Liberty Statue.
The color pieces that make up the design also represent the disassembled five rings of the Olympic logo; in the design we can also discover the Gellert Hill and the Statue of Liberty interpreted Budapest 2014 Olympic logo design principles by one of the chief designers Bálint Csernák.
Key elements of the logo is water, as well as the Statue of Liberty, which represents universal values. The logo is conceived to express Budapest's open nature. It says Budapest wants to organize a more youthful, and more creative Olympics that promotes not only Hungary but also the renewal of the international Olympic movement.
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Logos of the four candidate cities
You can vote for you favorite logo. I set up a poll in the left-side bar of this website.