In the wake of a number of high-speed, high-profile, accidents, FIA President Max Mosley has said that moves to curb rising speeds must be implemented now, and that if teams fail to come up with a solution a deadline would be imposed.

"Formula One's technical working group has been saying for more than two years that engine power needs to be reduced," said Mosley, according to the Gazzetta dello Sport. "We have seen with Felipe Massa and Ralf Schumacher that speeds in F1 are dangerously fast. We have to act now."

Ralf Schumacher crashed heavily in Sunday's United States GP at Indianapolis, only moments after Fernando Alonso has crashed at the end of the main straight. Felipe Massa crashed into the barriers at the hairpin, in the closing stages of the Canadian GP. Although there was little media coverage, there was concern that the right-rear wheel from the Brazilian's Sauber became detached and flew over fencing and into a grandstand, though thankfully nobody was injured.

Mosley introduced a raft of changes earlier this year with the intention of cutting costs and improving safety, but thus far the teams have failed to reach agreement, with WilliamsF1's engine supplier BMW threatening to quit F1 if the 2.8 litre V8 engine rule is implemented.

Should the teams fail to agree when they meet next Monday, Mosley has said that he is ready to invoke a clause in the Concorde Agreement which gives the FIA the right of veto, particularly on issues of safety.

"I expect dissent. Article 7.5 is a way of applying pressure," said Mosley, "If the teams can't come up with the required changes, we will."

According to the report, the teams will be given two months, from Monday's meeting, in which to come up with their own proposals. Should this not happen, the FIA will put forward three proposals of its own, and then give the teams 45 days in which to respond. After that the changes - including the reduction of aerodynamic grip, and engines having to last for two races - would be introduced in 2005.