Dissolve the yeast in the lukewarm water. Add sugar and salt.
Heat the milk and cream until lukewarm. Add the flour and the dissolved yeast.
Add the eggs, one at a time, beating well after each addition. Add the nutmeg and blend well. Cover lightly and allow the dough to rise 2 hours in a warm place.
Brush the skiver pan well with butter and heat. Place 1 tablespoon of batter and 1 teaspoon of currants in each well, pressing the currants down. Bake 3 minutes in the pan on top of the stove, turning to brown on both sides. Roll or dust with powdered sugar when taken from the pan.
Serve at once with Caramel Sauce or other sauce of your choice.