Ecclestone was one of several big names who called for Mosley to quit following revelations about his private life by the News of the World newspaper earlier this year.
Since then, however, Mosley has won a court case against the newspaper and Ecclestone believes the sport should move on.
"For a short period I said he should resign because I had so much pressure from people to say he should resign," Ecclestone told BBC Radio. "In a lot of ways, at the time, I wished he had done but now I don't see why he should.
"Max works and does the best he can for the sport, for sure 100 percent. All these people say they don't want to meet Max and don't want to do this or that... that's all going to disappear.
"I will welcome him back. He should come back and he should carry on like he's normally carried on," added Ecclestone, whose friend Mosley is expected to return to the Formula One paddock for the Italian Grand Prix.
The F1 boss claimed people don't care about the scandal anymore and admitted he had expected the financial side of the sport to take a hit following the Mosley controversy.
"I thought, and I was told, that it would," Ecclestone added.
"But I think like all these things, people have now really come to the conclusion that whatever happened with Max was Max and nothing to do with anybody else and I don't think they really care any more."
Mosley had said he will quit once his current term expires in October next year, but Ecclestone is not sure that will happen.
"He's said he is going to stand down before and hasn't," he said. "So I don't know. The problem really is, if we are really selfish and think of the sport as it is, it's difficult to know who is going to replace him to do the things he does."
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