“This has created a mentality in Formula 1 where the engineers are really only comfortable in refinement. It is enormously expensive and is not really what an engineer should be doing. They don't really do innovation, and that is slowly destroying Formula 1.”

The meeting in Monaco, though, is understood to have resulted in a consensus at least on Mosley's prime objective – that of introducing a standardised, low-cost, Cosworth-supplied powertrain into F1 as of 2010, which FOTA had countered with an alternate low cost, 1.8-litre turbocharged, but not standard, engine formula.

The requirement of four teams to sign up to the FIA's initiative is, however, believed to have been reached, whilst other proposals said to have been agreed to include a dramatic reduction in testing and wind tunnel usage, and further cuts in aerodynamic spending.

“A lot of the teams would like a base engine,” the 68-year-old is quoted as having said by F1SA prior to the discussions, “but the manufacturers may also make an offer, which could be interesting, so we will see how it develops.

“It would be better if they accepted the proposal, but you cannot pre-judge what other people come up with. If it looks good, then that's fine. I just want to make sure we are not going to wander into a catastrophic situation without knowing what we are doing.

“Honda pulled out because of falling car sales, and there is no guarantee that these falling sales, which affect all manufacturers, will not drop further. If they do then we have to prepare for other manufacturers to pull out not only from Formula 1, but other areas of motorsport.

“At present I haven't heard anything specific as to whether another manufacturer will pull out. I don't think anybody knows, but if the situation does get worse for the car manufacturers then we will lose another one. Whether that would be before the season starts is difficult to say. We are in unknown territory.”