Bernie Ecclestone has played down fears that the struggling economy is already affecting F1.

The French engine preparing firm Mecachrome is reportedly no longer involved due to recent losses, and it now emerges that F1 supplier Pankl, an Austrian motor racing company, has posted a more than 1 million euros loss for the past trading quarter.

"It seems that everyone is affected, but we will have to wait and see," the 77-year-old F1 chief executive said in interview with Spain's El Mundo newspaper.

It emerged recently that the European Union is nearly in official recession.

"At the moment we are not noticing it, but we are not immune to anything. We will have to be prepared," the Briton added.

Source: GMM