In a heavy-pot or large-dutch, heat 1 tbsp oil on medium-high-heat, then add pearl onions & mushrooms, sear till they start to a tiny coloring for 3-4minutes.
Reduce heat to moderate, add the carrots, garlic, onions, thyme, pepper & salt then simmer for 5-7minutes, stirring occasionally, or till onions are lightly-browned.
Gradually add the red-wine into the pot & then scrap any bits that are stuck to the sides or bottom. Turn heat to medium-high & reduce wine by half.
Stir in broth & tomato paste, bring to a boil, reduce heat to low and simmer for 20minutes or till mushrooms are extremely tender.
Let simmer and covered, stirring occasionally and revel in the superb aroma.
In a small-bowl, mix together the remaining tbsp oil or water, using flour to make a paste. Then stir in the stew. Simmer for 10 minutes. If the sauce is too thin, boil it down to the right consistency. Season to taste.
Serve spooned over a bed of farro, oven roasted red potatoes, pasta of choice or mashed potatoes.