Interest rates are at around 1/3 of inflation, and already we see banks fail, and a reversal of QE and other expansionary moves as a result.
I think the biggest factor in all this is a waning of globalization, which has had a deflationary effect in the past decades. We have been expanding money at a pretty good rate; and everything not made in china, like houses, education, medial care, you name it, has steadily gone up in price at about a 10% a year rate. But we were told it was fine, because last years iPhone could now be bought at half price. That was always questionable logic even if not formally wrong. But I don't think central bankers have crystal balls; they didn't see this coming; they were just fitting dumb curves to the past like anyone else. But a rising tide that raises all the boats, like china joining the world economy, isn't about to repeat itself, that we know of.
There is no way to get to positive real interest rates without blowing up both government and private financial 'logic'. While I'm as much of a sound money person as they come, if I were the god-king of money, I think id come to more or less the same conclusion as central banks seem to behind closed doors: substantial inflation will be the new normal for the foreseeable future. As bad as it may be, I am not sure I see more appealing alternatives. This isn't like the Volcker era, I don't think. Back then, there was not nearly as much debt; back then, real and meaningful economic growth was actually to be expected in the future.
I am not 100% confident on this as it pertains to the US; I might be reading the tea leaves wrong there. But I am about 100% confident this applies to the EU. There aren't any Friedman's in our intellectual climate, and all talk is about needing to conjure up a trillion more for this or that crisis or another.