Season the lamb shanks with salt and pepper. In a large, deep pan (I like to use my Le Creuset dutch oven) over a medium-high flame, warm the olive oil and then brown the shanks on all sides, about 5 minutes in all.
Transfer the shanks to a dish.
Add the onions, carrots, and celery to the pan and cook until onions are translucent.
Add the wine to the pan, and bring to a simmer, stirring up any bits off the bottom.
Add the stock, rosemary, garlic, bay leaf and shanks to the pan and bring to a boil.
Place the lid on the pan, and put it in the preheated oven. Cook about 2 hours. Serve with mashed potatoes or rice and a nice salad.