Institute for the World Economy: Europe could replace most of US aid to Ukraine

Europe could replace most of the US financial and military aid to Ukraine if Washington permanently cuts off its support, a new analysis published by the Kiel Institute for the World Economy (IfW Kiel) in Germany showed.

"Our data shows that Europe would be able to offset a large part of US aid, but only if policymakers acted decisively," stressed Christoph Trebesch, research director at IfW Kiel.

"The only exception is military intelligence, where Europe has no comparable capabilities," the institute stressed.

"European governments spent an average of 0.1 percent of their Gross Domestic Product (GDP) per year on bilateral aid to Ukraine," notes IfW Kiel.

"If the United States were to permanently withdraw its support, European countries would have to increase their spending by 0.21%, which would represent an increase from the current 44 billion euros ($48 billion) to 82 billion euros per year, according to the institute."

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