In practice, the general experience might be summed up this way:  3  4  5  Friedman, arguing the case for floating, drew an analogy with daylight-saving time - it is easier to move to summer time than to co-ordinate everyone to move the time of their activities.
Those countries which adopted a fixed exchange rate in order to anchor prices in the face of persistent inflation usually found that this worked well in reducing inflation, but at the cost of loss of international competitiveness, leaving a legacy which had to be addressed by other painful remedies.