Peace in the time following admitting the French (7)
I believe the answer is:
silence
'peace' is the definition.
(I've seen this before)
'in the time following admitting the french' is the wordplay.
'in the time following' becomes 'since'.
'admitting' is an insertion indicator.
'the french' becomes 'le' ('the' in French).
'since' placed around 'le' is 'SILENCE'.
(Other definitions for silence that I've seen before include "Absence of racket" , "Quiet" , "Absence of sound" , "Hush!" , "may be required in court" .)