In a heavy bottomed saucepan, heat oil and saute onion over medium heat about 7 minutes until it begins to soften. Add garlic, fennel and carrots and cook 7-10 minutes, stirring occasionally. Add mushrooms and cook another 10 minutes to sweat them.
Deglaze with red wine and stir the bottom of the saucepan to loosen cooking juices.
Add the pearl barley, thyme, bay leaf and paprika. Mix well and add vegetable stock. Bring to a boil, reduce heat and simmer, covered, until barley is tender, about 40 minutes. Stir occasionally.
Taste and adjust seasoning with salt, pepper and paprika. Serve garnished with parsley.