Note ringed by marker on the road in European city (7)
I believe the answer is:
cologne
'european city' is the definition.
(I've seen this before)
'note ringed by marker on' is the wordplay.
'note' becomes 'log'.
'ringed by marker' becomes 'cone' (I can't explain this - if you can you should believe this answer much more).
'on' means one lot of letters goes inside another (as in clothing \'on\' a person).
'log' put within 'cone' is 'COLOGNE'.
'the road in' is the link.
I am not very happy about this link. Some or all of it may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for cologne that I've seen before include "Scent - German city" , "German river port" , "Foreign city" , "Perfumed liquid made of oils and alcohol" , "Town" .)