There was a collapse of the system of fixed exchange rates and the introduction of a system of ____ rates.

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There was a collapse of the system of fixed exchange rates and the introduction of a system of floating exchange rates.
The main economic benefits of floating exchange rates are that they free monetary and fiscal authorities to pursue internal goals such as full employment, stable growth, and price stability. Exchange rate adjustment frequently acts as an automatic stabiliser to promote those goals. Fixed exchange rates have the main economic advantage of encouraging international trade and investment, which can be a significant source of growth in the long run, particularly for developing countries. A currency board or currency union has the political advantage of "tying the hands" of the monetary and fiscal authorities, making it more difficult to finance budget deficits by printing money.

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