Precise European times performance (5)
I believe the answer is:
exact
'precise' is the definition.
('exact' is associated in meaning with 'precise')
'european times performance' is the wordplay.
'european' becomes 'e' (abbreviation e.g. EU).
'times' becomes 'x' (multiplication sign).
'performance' becomes 'act' (act is a kind of performance).
'e'+'x'+'act'='EXACT'
(Other definitions for exact that I've seen before include "far from improvised?" , "On the nail" , "Completely accurate" , "Precise; extort" , "Spot on, precise" .)