Preheat oven to 350° F. Pat the lamb dry with paper towels and place in a large bowl. In a shallow bowl, combine the flour, oregano, salt, and pepper. Sprinkle the flour mixture evenly over the lamb and toss well.
Heat 3 tablespoons of oil in a heavy casserole over medium heat. Brown the lamb in batches, adding more oil as needed. When all the lamb is browned, remove it and set aside. Add the carrots, onions, and garlic and cook, stirring occasionally, until the vegetables start to caramelize, about 10 minutes.
Return the lamb to the casserole. Add the wine, bay leaves, and lemon peel. Bring to a simmer, cover, and place on bottom rack of oven. Cook until the lamb is very tender, about 2 hours. Serve with Cucumber Yogurt and New Potatoes With Olives.