The meeting held between Formula 1's governing body, the FIA, and the Formula One Teams' Association (FOTA) in Monaco today has reportedly reached a successful conclusion regarding cost-cutting measures to be implemented within the sport over the upcoming years.

The reunion was convened as a means of holding crisis talks in the wake of escalating expenditure in the top flight and – most worryingly of all recently – Honda's shock announcement on Friday that it is to pull out with immediate effect.

The main sticking point in discussions henceforth had been FIA President Max Mosley's desire to introduce a standardised, low-cost engine into F1, supplied by Cosworth, but the manufacturers had been staunchly opposed to such a move, arguing it would take away their very raison d'être for competition.

Though no exact details have yet been revealed about the agreements that have been made – with the proposals set to go before the World Motor Sport Council on Friday for final ratification before coming into force – a statement read that the 'FIA and FOTA have had the most successful meeting on Formula 1 matters which any of the participants can remember'.

'Agreement was reached on measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter,' the statement continued, 'in addition to which FOTA have now made proposals for very significant cost-saving in 2009, while maintaining Formula 1 at the pinnacle of motorsport and reinforcing its appeal.'

Mosley expressed that he was 'delighted with the outcome of this meeting', whilst Ferrari and FOTA President Luca di Montezemolo remarked: “The unity of the teams was fundamental to meeting the goals for a new Formula 1, but with the same DNA, as requested by the FIA.”