In a Dutch oven or heavy, ovenproof pot, brown the lamb cubes in 1 tablespoon of the olive oil until meat is browned on all sides; remove meat with slotted spoon and set aside.
Add the remaining oil to the pot along with the onions and carrots and cook, stirring occasionally, for 5 minutes or until onions are tender and translucent.
Add the potatoes, broth, salt, pepper, and browned lamb cubes.
Bring to a boil and then cover the pot and put in the preheated oven.
Bake for 50-60 minutes until the meat and vegetables are tender.
Remove the meat and vegetables with a slotted spoon and set them aside and keep warm.
Pour the pan juices into another bowl and set aside also.
In the Dutch oven, melt butter; stir in flour and keep stirring until smooth.
Gradually stir in the reserved pan juices.
Continuing to stir constantly, bring the mixture to a boil and simmer until thickened, about 2-3 minutes.
Stir in the meat and vegetables, parsley, and thyme and heat thoroughly.
