Preheat the oven to 350 degrees F. Cut the bread diagonally into 1-inch slices without cutting through the bottom crust. In a blender or food processor equipped with a steel blade, finely chop the garlic. With the processor running, add the oil to make a thin paste. Slather the garlic paste on the cut surfaces and top and side crusts of the bread. Bake directly on the oven rack (with a pan on the rack below to catch drippings) for 10 to 12 minutes, or until the top is crisp.
While the bread is in the oven, heat the cream in a heavy saucepan.
Do not boil. Stir in the Romano and Parmesan slowly so that the sauce is absolutely smooth (a wire whisk works well). Stir in the butter and keep the sauce warm until the bread is ready.
When everyone is seated at the table, place the bread in a warm, shallow serving dish with sides. Cut through the bottom crust and pour the sauce over the bread. Sprinkle with the parsley and paprika and serve immediately.