Will the Rand Area survive the PIGS and the elephants?

Until the end of last year, Southern African Development Community (SADC) had on its home page a moving bar.  The bar indicated the agreed time lines of SADC integration that would lead ultimately from Customs Union in 2010 to EU look-alike Monetary Union and common currency by 2020.

After the year of the PIG (Portugal, Ireland, Greece) which is rapidly and dangerously developing into the years of the PIIGS (Portugal, Ireland and Greece with Spain and Italy thrown in for good measure), the idea of a currency union, especially emulating the EU-funded model agreed by SADC, does not look terribly clever.  In southern Africa, we are beginning to have our version of the year of the PIG, with Swaziland just receiving a substantial bailout of R2.4 billion (P2.2 billion) to help it meet its own deficit caused by the pro-cyclical decline in revenues from Southern Africa Customs Union (SACU), which make over 60 percent of the government's revenue.