In a large pot, heat olive oil over medium heat. Add butter. Once butter is melted, add onions and garlic and sauté for 5 minutes, stirring often until onion becomes tender.
Add red wine, salt, pepper and thyme and sauté for another 5 minutes, stirring often.
Add flour gradually, stirring to coat onion mixture. Add beef broth slowly, whisking to avoid lumps.
Bring to a boil and then simmer, letting mixture reduce to the point where most of the liquid has evaporated, thickened and been absorbed by the onions.
Meanwhile, set oven to the highest broiler setting and prepare your crostinis on a baking sheet. If using a baguette, thinly slice on a diagonal and toast in the oven for a couple of minutes per side. You can toast the bread with or without olive oil and salt. If you want to save a bit of time, you can buy store-bought crostinis and directly spoon French onion mixture overtop without pre-toasting.
Once each crostini is topped with the onion mixture, finish with grated Swiss cheese and broil in the oven for about 1-2 minutes until cheese is melted.
Serve right away and enjoy! To make ahead, French onion mixture can be refrigerated for up to 48 hours and served on crostinis when guests arrive!