Heat half of the olive oil in a large heavy-based stockpot (preferably cast iron) over medium-high heat. Cook the beef brisket until nicely browned all over. Remove from stockpot and set aside.
Heat the remaining olive oil in the stockpot over medium heat. Add the remaining olive oil, shallots and garlic. Cook until the shallots are tender (about 5 minutes). Add the carrots, celery, bay leaf and thyme. Cook for 3 minutes, continually stirring until the vegetables have softened. Return the beef brisket to the pot. Add the Barolo red wine to deglaze the pot, continually stirring and scraping up the bits at the bottom. Add the beef stock and bring to the boil, then reduce the heat to low. Cover and simmer for a further 3 hours or until the beef is tender and falling apart.
Remove the beef brisket from the pot. Increase to medium-high heat and reduce the cooking liquid until it reaches a thick and rich gravy consistency (approximately 20 minutes). Strain the sauce through a sieve into a gravy boat, using the back of the ladle to extract as much flavor as possible.
Serve the beef brisket with Creamy mashed potato and gravy – buon appetito.