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.　　
　　作為對這次危機的反應(yīng)，美國政府再次將美元貶值，這此美元貶值幅度達10.5%。1973年3月，主要國家貨幣開始互相浮動。這一新的國際貨幣體系以一種有管理的，或“骯臟的”浮動匯率制取代“固定匯率制”，即，匯率在外匯市場上可以相互變動或浮動，但政府仍然可以干預市場，以免貨幣價格太高或太低。歐共體貨幣之間的價格仍然不變，按圖2-2所示上下浮動。這一概念被稱為“洞中之蛇”。由這種管理浮動體系所表示的基本概念自1973年以來，在很大程度上，一直沒有變化。