The fact that prices are rising in a pandemic crisis is not a sign of success. It is evidence of central bankers' miserable failure and hurts every consumer who has seen revenues collapse by 10 or 20 percent.
The problem of the European Union has never been a lack of monetary and fiscal stimulus, but rather an excess of these. This has failed to produce real growth, and now we're getting more of the same, but even bigger.
Can the US dollar lose its global reserve position? Sure it can, but not to a country that decides to commit the same monetary follies as the Fed. Most countries are trying to out-inflate the Fed. And that's good for the Fed.