Bring stock to a low simmer in a medium pot.
Heat oil in a medium saucepan over medium heat for 1 minute.
Cook onion until translucent, about 3 minutes.
Add rice and a pinch of salt. Sauté until rice is translucent, 1 to 2 minutes.
Add wine and saffron; bring to a simmer, stirring, until rice has absorbed most of wine.
Add 2 ladles of stock to rice; simmer, stirring, until rice has absorbed most of stock.
Continue adding stock, allowing rice to absorb it before adding the next ladleful.
Cook until rice is al dente and mixture is a little loose. Stir in butter. Turn off heat.
Stir in grated cheese. Cover and let sit 2 minutes.
Divide among 4 bowls. Garnish each with cheese shavings, if desired.
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