We must spend less, say Ferrari

Fernando Alonso’s fifth place can be seen as a positive for Ferrari (EPA)

Ferrari, once the highest-spending team in Formula 1, have called for cost controls to ensure that the way in which the sport is run reflects the world's economic situation.

The team's president, Luca di Montezemolo, yesterday urged the FIA to bring in means of controlling costs, following a meeting between team bosses immediately after the recent Monaco Grand Prix.

"The world economic situation, and that of Europe in particular, is very serious and the world of Formula 1 cannot ignore the fact," he said.

"We cannot lose any more time: we need to tackle urgently and with determination the question of costs. We are in agreement with the FIA's position that drastic intervention is required. We are convinced that the teams must work together on this front."