What development became known as the Nixon shock?

The Nixon Shock refers to a series of economic measures enacted by U.S. President Richard Nixon in 1971, which included the suspension of the dollar's convertibility into gold. This decision effectively ended the Bretton Woods system of fixed exchange rates, leading to a shift towards floating currencies. The Nixon Shock aimed to combat inflation and stabilize the U.S. economy, but it also resulted in significant changes to international monetary policy and global economic dynamics.