Elaborate European currency cut by vote (7)
I believe the answer is:
expound
'elaborate' is the definition.
(I know that elaborate can be written as expound)
'european currency cut by vote' is the wordplay.
'european' becomes 'E' (abbreviation e.g. EU).
'currency' becomes 'pound' (I have seen 'Egyptian currency ' mean 'pound' so perhaps 'currency' could also mean 'pound').
'cut by' indicates putting letters inside (some letters cut into others).
'vote' becomes 'x' (how votes are marked).
'e'+'pound'='epound'
'epound' going around 'x' is 'EXPOUND'.
(Other definitions for expound that I've seen before include "Elucidate" , "Put forward detailed argument" , "Elaborate" , "Explain and interpret" , "Spell out" .)