In response to this crisis, US government devalued the dollar again, this time by more than 10.5 percent. In March 1973, the major currencies began to float against each other. This new international monetary system replaced the system of fixed exchange rates with a managed, or "dirty," floating system, i.e., exchange rates were flexible or floated against each other in the foreign exchange market, but governments could still intervene in the markets to keep currency prices from going too high or too low. The European Community (EC) currencies were still fixed in value against each other and moved up or down as demonstrated in Figure 2-2. This concept is known as the "snake in the tunnel." The basic concept represented by this managed floating system has been, for the most part, in place since 1973.　　
　　作为对这次危机的反应，美国政府再次将美元贬值，这此美元贬值幅度达10.5%。1973年3月，主要国家货币开始互相浮动。这一新的国际货币体系以一种有管理的，或“肮脏的”浮动汇率制取代“固定汇率制”，即，汇率在外汇市场上可以相互变动或浮动，但政府仍然可以干预市场，以免货币价格太高或太低。欧共体货币之间的价格仍然不变，按图2-2所示上下浮动。这一概念被称为“洞中之蛇”。由这种管理浮动体系所表示的基本概念自1973年以来，在很大程度上，一直没有变化。