Melt butter in a small Dutch oven over low heat; add flour, stirring until smooth. Cook, stirring constantly, until mixture is golden brown. Gradually add water; cook over medium heat, stirring constantly, until thickened and bubbly. Add remaining ingredients, except peas and Farina Balls.
Cover and simmer 2 1/2 hours or until lamb is tender. Add peas, and continue cooking 15 minutes. Remove cloves and bay leaf; discard. Serve ragout with Farina Balls.