Cut off the hard ends of the asparagus. Bring the water with salt and a pinch of sugar to the boil. Cook the asparagus in it for about 10 minutes. Remove with the slotted spoon, drain and arrange on a warmed plate. Save asparagus water
While the asparagus is cooking, peel the shallots and chop them very finely. Sweat in hot olive oil over medium heat for 2-3 minutes. Stir in the flour and brown for another 2-3 minutes while stirring until golden yellow. Deglaze with about 1/4 l asparagus water. Stir well so that there are no lumps. Dissolve the saffron in a little sauce and add with the bay leaf. Salt. Cook for 10 minutes over low heat. Remove the bay leaf. Add the cream. Reduce the sauce over a high heat for another 5 minutes until it becomes creamy. Pour over the asparagus and serve immediately.