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Big savings will be made on engine costs, in-season testing and staff numbers, following a meeting of the FIA World Motor Sport Council in Monaco.
FIA boss Max Mosley had wanted all teams to use a "one size fits all" standardised Cosworth engine.
The teams rejected that proposal but have agreed to use lower-cost, longer-lasting engines from 2009.
From 2010 there will be a ban on refuelling and, subject to market research, Grand Prix distances could be shortened.
Read on...
FIA boss Max Mosley had wanted all teams to use a "one size fits all" standardised Cosworth engine.
The teams rejected that proposal but have agreed to use lower-cost, longer-lasting engines from 2009.
From 2010 there will be a ban on refuelling and, subject to market research, Grand Prix distances could be shortened.
Read on...