Sweat off the shallots in a shallow pan with the garlic, thyme and bay leaf on low heat in the olive oil and butter with no colour for approximately 2 minutes, just until soft.
Add the rice and cook for additional 2 minutes, stirring all the time so that the oil gets absorbed. Add the white wine and cook until it has evaporated, about 1 minute, then slowly add the hot fish stock and squid ink to the rice little by little, stirring every minute.
It will take around 14 minutes until the rice is almost cooked, then add the cleaned squid to cook for just 2 minutes. To finish, add lemon juice, crème fraiche, Parmesan, and re-season. Add more squid ink to make it darker if necessary.