The problem with the euro has been known since its inception. Any country can run a deficit. Spend more than it generates in taxes and other revenues. Most countries do this and they only suffer a devalued currency. Within the EU the effect is to devalue everyone's currency. That is what is happening today in Greece, Italy and the other PIGS. If you import, devaluation hurts. Germany, an exporter, benefits.
The proposed remedy is to go beyond the current suasion. EU members are supposed to keep their deficits under 3% of their total expenditures. First France broke that rule, then everyone else did too. So suasion doesn't work.
The current proposal is to have some part of the EU approve all domestic budgets before they are enacted.
I don't see how this is possible. These are ostensibly democracies and it is historically unthinkable for an outside power to determine domestic budgets.
On top of these airy fairy proposals is the historic reality that no national government has ever reduced its expenditures. A realist would have to conclude that the PIGS and a few other countries will have to leave the EU.
It is a pure guess on my part, but I think at least five countries will retain the EU currency: France, Germany, Holland, Finland and Austria.
For my friend in Africa, that means the EU will continue to be a functioning currency for the purposes of trade.