But even this scenario depends heavily on a return to economic growth, says Magna's Brian Wieser, who prepared the forecast.

ECONOMIST: The recession in advertising

With these plans, thinks Mr Wieser, Facebook is doing the right things.

ECONOMIST: Facebook

Unlike WPP's Sir Martin, Mr Wieser believes that advertising spending moves in line with economic growth, rather than lagging behind it as the economy recovers.

ECONOMIST: The recession in advertising

But much of the tough technical work is the product of meetings of senior officials in the so-called Eurogroup Working Group overseen by Austrian Thomas Wieser, who has no staff of his own.

WSJ: Cyprus Deal Hurts Credibility All Around

Mr. Wieser, meanwhile, has a "telephone-based link with his part-time boss in The Hague, who, to make matters worse, has his own staff and his own parliament which expects him to report to it on his euro-area activities, as well as his conduct of Dutch policy, " Mr. Ludlow writes in an evaluation of the Cyprus agreement published this week.

WSJ: Cyprus Deal Hurts Credibility All Around