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The Formula One teams, with the exception of Ferrari, have signed a voluntary agreement to limit their on-track testing activity, in a bid to further reduce costs in the sport. Under the agreement, the teams will test for no more than 30 days per year.

They may run only two cars and may not test at more than one circuit on any given day. Testing will be limited to FIA-approved European circuits, with Silverstone, Barcelona and Monza the only Grand Prix venues on the list.

The nine teams involved have also requested that a planned meeting with the FIA this week, where further cost-cutting ideas were expected to be discussed, be postponed in order to allow them time to assess the impact of the new 2005 regulations at the opening races of the new season.