Michael Schumacher believes Formula 1 will become stronger as a result of the current round of regulation changes and cost cuts.
The FIA and the F1 teams agreed to take drastic action last week to head off a crisis in the sport, as the worldwide financial downturn started to squeeze the teams' finances and led to Honda's shock departure.
In addition to the rules changes already planned – including the return of slicks and the revised wings to aid overtaking – testing will be slashed next year and aerodynamic and engine developments have been further restricted.
This had led to fears that F1 will become less challenging, but Schumacher thinks the championship's new era will be both more competitive and cost-effective.
"The direction of the new decisions is absolutely right in my view and has even the potential for a better show to come," said Schumacher in an interview for his personal website.
"To increase the mechanical grip for example is perfect.
"Formula 1 will still remain the pinnacle of motorsports.
"It will change a bit, but life is about changes."
He added that he was pleased that action was taken so quickly.
"It is clear that something has to happen in the light of the current situation worldwide," said Schumacher.
"I am happy with the fact that the FIA together with the teams have taken the first steps.
"We have to carefully evaluate what to do now, and this is what happens at the moment."