Prescribed act, accepting European credit (7)
I believe the answer is:
decreed
'prescribed' is the definition.
('decreed' can be a synonym of 'prescribed')
'act accepting european credit' is the wordplay.
'act' becomes 'deed' (deed is a kind of act**).
'accepting' indicates putting letters inside.
'european' becomes 'e' (abbreviation e.g. EU).
'credit' becomes 'cr'.
'e'+'cr'='ecr'
'deed' going around 'ecr' is 'DECREED'.
(Other definitions for decreed that I've seen before include "Officially ordered" , "Ordained" .)