So given Montezemolo's power, an abolishment of the highly controversial rule, panned and slammed by the sport's pundits and fans, cannot be ruled out.
"As the teams decided unanimously for it, we should give it a chance," Germany's Auto Motor und Sport quotes him as saying.
"But if it does not work, we can abolish it quickly.
"The social networks are a nice platform for the fans to give us their opinion. If the voice is clear, we cannot just ignore that," Montezemolo added.
However, he played down the idea that Ferrari would wield its veto to abolish such a rule.
"We would not use our power for something like that," said the Italian.
"But believe me, if formula one tomorrow would be going with four-cylinder engines, then Ferrari would be there (with its veto)," he said.
"We make cars, not motorcycles."
He also admitted that Ferrari has issues with the new budget cap, despite FIA president Jean Todt's announcement that it is coming in 2015.
"One problem is the verification (policing)," said the Italian.
"Another is the different circumstances of the teams -- Ferrari and Mercedes build their own engines, while the others buy theirs," he added.
But Montezemolo said capping budgets in certain, specific areas might work, such as testing.
"I hate the simulators and wind tunnels," he said, "and that we are no longer allowed to test at Fiorano and Mugello. But this is motor sport -- it takes place on the track, not in the halls.
"If we had a budget cap, each could test in the manner he considers the best -- us on the asphalt and others in the simulator."