Trim any skin and the gray membrane from the monkfish fillets. Cut the fillets into 1-inch chunks and chill them thoroughly. Pass the fish through a meat grinder fitted with a disk with holes about ¼-inch in diameter. (Alternately, you may grind the fish, half at a time, using quick on/off pulses in a food processor fitted with the metal blade. Either way, the fish should resemble ground beef after grinding it.)

Toss the bread into a mixing bowl and pour enough cold water over it to cover completely. Let soak until completely saturated. Drain the bread well and squeeze it between your hands to remove as much water as possible.

Crumble the bread into a mixing bowl and beat in the eggs, parsley, capers, 1 teaspoon salt and ¼ teaspoon pepper. Stir in the ground monkfish until incorporated. Using 1 tablespoon of the fish mixture for each, form balls by rolling the mixture between your palms. When you have formed all the balls, dredge them lightly in flour to coat all sides.

Heat the vegetable oil in a skillet or braising pan large enough to hold all the fish balls and sauce until rippling. Add as many fish balls as will fit without touching. Fry, turning as necessary, until golden on all sides, about 5 minutes. Remove with a slotted spoon and drain on a paper towel-lined baking sheet.

Pour off the oil from the pan, pour in the olive oil, and heat over medium heat. Stir in the onion and cook, stirring, until wilted, about 4 minutes. Stir in the tomatoes, bay leaves and 1 cup of water. Season to taste with salt and pepper. Bring to a boil, then lower the heat so the sauce is at a simmer. Cook 15 minutes.

Stir in the raisins and pine nuts and nestle the fish balls into the sauce, shaking the pan gently till they are covered with sauce.

Simmer 20 minutes, shaking the pan occasionally. Let the fish balls rest in the sauce off the heat for 10 minutes, then serve.