They have money. The Euros have compensated for US funds. What the Euros cant do is compensate for specific US-sourced equipment.
Top of the list I think -
- Patriot missiles
- 155mm shells (in process of being partially compensated, but still short)
- HIMARS ammo and some vehicles.
Yes, EU money ‘could’ be used to purchase US weapons, provided that export restrictions of ITAR and EAR compliance have been met and signed off.