In a large saucepan, melt the butter and whisk in the flour until a smooth paste forms; do not let it brown. Slowly whisk in the milk and cream until the mixture is not lumpy.
Add the salt, nutmeg and the cheeses and continue whisking until the mixture thickens and coats a spoon. Cover and set aside.
Cook the pasta until very al dente in a separate pot; drain and add the pasta to the cream sauce and mix until well combined. Mix in the salami, pepperoni or ham and peas and combine well.
Spread the mixture into the prepared pan. Cover with a sheet of foil and bake for 35 minutes. Uncover and bake 5 minutes longer.
If using a spring form pan, unlatch the side and run a butter knife along the inside edges of the pan to loosen the sides. Lift off the ring. Place the timballo on a dish. Use a sharp knife to cut into wedges to serve.
If using a casserole dish, scoop the pasta to serve.
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