F1 teams and manufacturers agreed with most measures proposed by the FIA – aimed at reducing costs and making the sport more entertaining – at a summit in Monaco on Thursday.

Formula One teams and manufacturers agreed with most measures proposed by the FIA – aimed at reducing costs and making the sport more entertaining – at a summit in Monaco on Thursday.

CARtoday.com reported on Wednesday that FIA president

Max Mosley would put forward drastic proposals to bring about a revolution in the sport by 2008 at the summit.

But much to the surprise of many F1 observers and Mosley himself, the proposals were met with widespread acceptance by the teams and 95 percent of them are expected to be ratified in time for 2006, two years earlier than expected.

"I think we will see a new engine formula in 2006," said Mosley. "The manufacturers propose to reduce costs by 50 percent. One of them told me that they were spending one billion Euros (R8,4 billion) per year for 14 cars on the grid. That is not sustainable by any calculation.

But F1's engine manufacturers must attend further meetings, starting with one at the Spanish Grand Prix this weekend, in order to thrash out a definitive set of technical regulations.

At present the choice is between a six-race three-litre engine based on current specifications or an all-new 2,4-litre V8 - Either option would be acceptable as long as costs can be reduced by 50 per cent. The teams and manufacturers also have to decide whether they will resist the introduction of standard engine control units until 2008, automatically banning traction control, or whether this will become part of the 2006 regulations to be ratified at the World Council meeting on June 30.

Regarding regulations pertaining to the transmission, braking and steering systems of F1 cars, there was agreement that the least expensive solutions had to be implemented. The return of manual gearboxes was rejected because the current semi-automatic units were more economical, but standard brake discs, pads and callipers would be introduced as soon as possible.

The chassis weight limit reduction could be greater than the proposed 50kg because of the increased weight loss caused by the loss of heavy electronic systems and discussions took place about reducing the number of electronic sensors on the cars and the possibility of introducing a standard data logger.

In terms of general regulations, no spare car (as it is currently known) will be allowed – only a spare monocoque in a pre-packed box. Cars will be held overnight in parc ferme and teams will be allowed to adjust the car but not rebuild it.

A ban on tyre changes in races could happen by 2005 and the FIA has instructed the teams and Bernie Ecclestone to come up with a better qualifying system to replace the current format.

Teams will no longer need to run secondary testing squads alongside their race outfits and a tender will go out to tyre manufacturers for a single tyre supplier by 2006. Tyre width will be reduced at the front and increased at the rear – with slicks most likely returning.

Finally, teams were open to the idea of no restriction on the sale, loan or exchange of chassis and components between teams or new entrants, but require certain guarantees about not devaluing Formula 1 or their own teams' financial situation.

In future, unanimous voting on short-term technical rule changes to be replaced by majority voting. Changes will be adopted without a need for a new Concorde Agreement to replace the current one, which runs out at the end of 2007.

Original article from Car