I'm not trying to be argumentative but you are misinformed. "Floating" means that the system is not connected to ground. That is, there is no system/main bonding jumper. There is no connection to a grounding electrode conductor. This has nothing to do with the Equipment Grounding Conductor, though. I don't know what you mean by a "floating EGC".

The entire purpose of the EGC is to bond all normally non-current carrying conductive parts together to provide a ground-fault current path back to the source of the circuit. If the EGC is not connected to some non-current carrying conductive part, then it is not installed correctly, is against code, and is a safety hazard. If the EGC is bonded to everything properly and there is a fault (say an ungrounded wire touches a metal box), then the current will flow through the ungrounded conductor, through the metal box, through the EGC (which is bonded to the box), back to the source (usually a transformer), across the windings, and eventually back to the breaker that controls the circuit. This will build up enough current (usually VERY fast, like milliseconds) and the breaker will open. The Earth has nothing to do with this.