At this point Botswana chose not to join the monetary area and Namibia joined after independence in 1990. Although member countries have their own currencies, these currencies trade at par and are pegged to the South African rand. Member countries also apply broadly similar exchange control measures. This currency arrangement has various implications for the CMA countries and their central banks.
If plausible departures from rational expectations and full credibility are empirically verified, then our structural models need to take that into account. A new set of questions would then be on the table in policy analysis.