Step 1

Put butter in a 4 1/2- to 5-qt. paella pan and set on lowest rack of oven (remove other racks). Preheat oven to 425°.

Step 2

While butter melts, mix batter quickly: Put eggs in a blender or food processor and whirl on high speed for 1 minute. With motor running, gradually pour in milk, then slowly add flour; continue whirling 30 seconds. (Or, in a bowl, beat eggs until blended; gradually beat in milk, then flour.)

Step 3

Remove pan from oven and pour in batter. Return pan to oven and bake until pancake is puffy and well browned, 20 to 25 minutes, depending on pan size.

Step 4

Dust pancake with nutmeg if you like, then powdered sugar. Cut into wedges and serve with more powdered sugar and lemon wedges, plus a drizzle of honey if you like.