Spy preserves relationship protecting European (5,4)

I believe the answer is:

james bond

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'protecting european' is the definition.
I don't know anything about this answer so I can't judge whether this works.

'spy preserves relationship' is the wordplay.
'spy preserves' becomes 'james' (I can't explain this - if you can you should believe this answer much more).
'relationship' becomes 'bond' (I've seen this before).
'james'+'bond'='JAMES BOND'

Can you help me to learn more?

(Other definitions for james bond that I've seen before include "Agent 007" , "Director uses him? - with 13d" .)

I've seen this clue in The Times.

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