Luca di Montezemolo says F1 teams must act now to cut costs © Press Association Enlarge Related Links Drivers:

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Ferrari president Luca di Montezemolo has urged Formula One to hurry through cost cutting measures in light of the worsening economic situation in Europe.

F1 teams met after the Monaco Grand Prix to discuss the possibility of cost control coming under the jurisdiction of the FIA as well as various other issues relating to budgets. F1 teams are currently bound by the Resource Restriction Agreement, but conflicts over how that should be moved forward led to Red Bull and Ferrari leaving the Formula One Teams' Association last year.

Outwardly all the teams favour some sort of cost reduction, but Montezemolo has called for action to be taken sooner rather than later.

"The world economic situation and that of Europe in particular, is very serious and the world of Formula One cannot ignore the fact," he told www.ferrarif1.com. "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."

Speaking about the Monaco meeting, McLaren's managing director said F1 teams are now on the "cusp" of changing the regulations but that they still had to fully agree on the way forward.

"I wasn't at the meeting, but it's true that the teams are trying hard to ensure the sustainability and the good health of Formula One going forwards," he said. "This isn't just for the teams but also for the fans and the engine manufacturers. The progress that's been made over the last few years for agreements such as the Resource Restriction Agreement have gone a long way towards achieving this. It's right that we stand on the cusp of changing the regulations. It's continually under review and it's right we're in health for the next five years. So there are broad discussions going on at the moment but everything still has to go through the proper channels and be agreed by all the teams. I can't comment more than that."