About old bit of Venice, European editor must be well informed (8)
I believe the answer is:
Here is my best explanation:
'well informed' is the definition.
'educated' can be an answer for 'informed' ('educated' is associated in meaning with 'informed'). I am unsure of the 'well' bit.
'about old bit of venice european editor' is the wordplay.
'about' is an insertion indicator.
'old bit of venice' becomes 'ducat' (I can't explain this - if you can you should believe this answer much more).
'european' becomes 'e' (abbreviation e.g. EU).
'editor' becomes 'ed'.
'ducat' placed within 'eed' is 'EDUCATED'.
'must be' acts as a link.
Can you help me to learn more?