European low-fat cream (5)
I believe the answer is:
elite
'cream' is the definition.
(I've seen this before)
'european low-fat' is the wordplay.
'european' becomes 'E' (abbreviation e.g. EU).
'low-fat' becomes 'lite' (light in calories).
'e'+'lite'='ELITE'
(Other definitions for elite that I've seen before include "Select body, cream" , "Superior or favoured group of people" , "Letter size; superior group" , "Type size; superior group" , "Exclusive set" .)