Formula One bosses gathered in Monaco on Friday to make up measures for a cost-cutting future.

With teams battered by the credit crunch and stunned by Honda's decision to quit, the FIA's world motor sport council is expected to carry through measures agreed on Wednesday to control spending.

Both the teams and International Automobile Federation President Max Mosley believe a major breakthrough has been made that will ensure Formula One's stability and long-term survival.

Ferrari President Luca di Montezemolo said the measures would "get our sport back into acceptable economical dimensions, so all teams will be able to participate."

Mosley had advocated the introduction of a standard low-cost engine and gearbox from 2010, something the major manufacturers and drivers opposed.

(Xinhua News Agency December 15, 2008)