Heat 1 tablespoon olive oil in a large skillet over med-high heat. Add the onions to the pan and cook until softened. Allow to cool.

In a large bowl, mix the ground beef, egg, bread crumbs, milk, onion, salt, pepper, nutmeg and allspice until combined. Form the mixture into 1 inch balls.

Heat the remaining olive oil in the skillet over medium heat and add the meatballs to the pan. Saute the meatballs until golden brown on all sides, about 7-10 minutes. Using a slotted spoon, transfer the meatballs to a platter. Drain off all but 2 tablespoons of fat from the skillet and return to the heat. Add the flour to the pan and whisk until golden brown, approximately 1-2 minutes. Slowly add the beef stock and whisk until the sauce begins to thicken. Whisk in the cream and continue to cook until the gravy is thick enough to coat the back of a spoon. Return the meatballs to the pan and simmer for 1-2 minutes. Serve over egg noodles, rice or mashed potatoes.