Williams CEO Adam Parr has described yesterday's meeting between FIA president Max Mosley and the Formula One Teams' Association as "staggering."
Both parties reached agreement on the way forward for the sport in the wake of the current economic climate and Honda's sensational decision to withdraw last Friday.
The teams are due to impose significant cost-cutting measures from next season, while it is almost certain four teams have signed up to run a standardised engine from 2010.
There is also likely to be a reduction in testing, wind-tunnel time and a further clampdown on aerodynamics, all of which will be put forward by Mosley to the World Sport Council meeting tomorrow in Monte Carlo.
Parr, representing Williams for FOTA, said: "Yesterday was a massively significant day. You can't over-estimate it.
"Going in, there was a certain anticipation we would have a massive disagreement.
"At a certain point during the meeting it became clear both sides were going down dead-ends.
"But then the solution became apparent, and everyone just said 'Let's do it'.
"Max will now take a set of proposals that was discussed and agreed to the World Motor Sport Council."
The landmark discussion was driven by Mosley and FOTA president Luca di Montezemolo.
Parr, speaking at the Motor Sport Business Forum in Monte Carlo, added: "Honestly, it was quite a staggering meeting.
"It was very, very impressive, and hats off to both Luca and Max because they were both on it. It was a great day."