Ferrari president Luca di Montezemolo calls for urgent cost reductions to safeguard F1 from worldwide financial crisis

With several countries facing debt problems, and the future of the Eurozone being questioned, Ferrari president Luca di Montezemolo reckons that there must be no delay in F1 moving to reduce costs.

"The world economic situation, and that of Europe in particular, is very serious and the world of Formula 1 cannot ignore the fact," di Montezemolo told the official Ferrari website.

"We cannot lose any more time: we need to tackle urgently and with determination the question of costs. Ferrari is in agreement with the FIA's position that drastic intervention is required. We are absolutely convinced that, as I have always said, the teams and the commercial rights holder must work together with the Federation on this front.

"This is no longer the moment for getting bogged down in sterile discussions or the meanderings of engineers, usually only concerned in defending the interests of someone or other: the question has to be tackled at the highest level, without further delay."

The FIA met with teams after the Monaco Grand Prix to discuss ways to control costs in F1, with much focus being put on how much more expensive the implementation of new car and engine regulations for 2014 will be.