Formula One's rulers gather in the millionaires' playground of Monaco on Friday to steer the sport away from its profligate past and towards a more cost-conscious future.

With teams battered by the credit crunch and stunned by Honda's decision to quit, the FIA's world motor sport council is expected to rubber-stamp measures agreed on Wednesday to rein in spending.

The details remain sketchy but both the teams and International Automobile Federation President Max Mosley believe a major breakthrough has been made that will ensure Formula One's stability and long-term survival.

Ferrari [Images] President Luca di Montezemolo, who also heads the teams' association FOTA, said in a statement on Thursday that the solution found in talks with Mosley on Wednesday was "beyond all our expectations.

The measures, he said, would "get our sport back into acceptable economical dimensions, so all teams will be able to participate."

Williams Chief Executive Adam Parr, who had feared earlier in the week that another manufacturer could quit before the start of the season in March, described the meeting as "massively significant".

Mosley had advocated the introduction of a standard low-cost engine and gearbox from 2010, something the major manufacturers and drivers opposed.

"I don't think that it (a standard engine) is ever going to happen, simply because the manufacturers play such a huge role in the sport," said McLaren's 23-year-old champion Lewis Hamilton [Images].

Most commentators expect engines to be detuned and longevity extended to four races, rather than two at present, with manufacturers committed also to guaranteeing a supply of low-cost units to the independent teams.

• Formula One coverage