Cookies disallowed ? what about advertisement ?

This cookie law when in effect will disallow web sites to set tracking cookies.
I guess that ALL of the advertisers use tracking cookies, right?
So does this mean that if there is a web site that contains adverts by a third party advertiser, for example let’s say Google Adsense, and those adverts set cookies (which is standard and normal in advertisement), cannot function anymore ?
Does it mean that even Google Analytics should be disallowed too ?

See original post by teryx