Ferrari president Luca di Montezemolo says he is pleased with the outcome of the meeting between FOTA and the FIA yesterday, when agreements were reached on several cost-cutting measures for the sport.
Di Montezemolo, who is also president of FOTA, attended the meeting along with FOTA vice president, Toyota's John Howett, and agreed on the engine regulations for the next two seasons and have arranged further meetings to discuss the longer term future of Formula One.
"Finally, we will have an economical Formula One," di Montezemolo told Italian newspaper Gazzetta dello Sport.
"Next year we will lengthen the life of engines to three races. This will translate into a total of 25 engines that for the smaller teams will cost 10 million Euros a season.
"We have decided with president Mosley that we will meet again after Brazil to talk again about limits to the chassis and engines in the future."