[HIGHLIGHTS] FT: Europe needs €56bn a year to meet NATO spending target

FT: Europe needs €56bn a year to meet NATO's 2% of GDP defense spending target. The deficit has been halved over the past decade.

The European countries of the alliance and Canada will invest $470bn in defense this year. The United States has pledged to spend $1.2bn on defense in 2014, up from $1bn in 2013. The U.S. defense budget is expected to rise to $3.5bn this year, from $2.7bn last year.