Formula One's world governing body and teams have agreed significant cost cuts from next year, the International Automobile Federation (FIA) said.

"FIA and FOTA (the Formula One Teams Association) have had the most successful meeting on Formula One matters which any of the participants can remember," the FIA said in a statement after a meeting in Monaco.

"Agreement was reached on measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter.

"In addition to which FOTA have now made proposals for very significant cost saving in 2009 while maintaining Formula One at the pinnacle of motor sport and reinforcing its appeal," the statement added.

The proposals will be put to the FIA's World Motor Sport Council on Friday for final approval, after which details will be released.

FIA President Max Mosley, who has been pushing for the introduction of a standard low-cost engine from 2010, said he was delighted with the outcome.

Ferrari and FOTA President Luca di Montezemolo added in the statement: "The unity of the teams was fundamental to meeting the goals for a new Formula One, but with the same DNA, as requested by the FIA."

No details of the agreement were given.

The meeting was seen as crucial for the stability of Formula One in the face of the global credit crunch, with the sport still reeling from Honda's announcement last week that it was pulling out.