Salt and pepper the short ribs then dredge them in flour. set aside
Preheat the oven to 350 degrees.
In a large dutch oven over medium heat, cook the diced pancetta until completely crispy and all fat is rendered. Remove pancetta and set aside, leaving the grease in the pan.
Add olive oil to the pan with the pancetta grease and raise the heat to high. Brown the short ribs on all sides for about 45 seconds per side. Remove ribs and set aside.
Turn the heat back to medium and add carrots, onions, and shallots to the pan. Cook for 2 minutes until softened. Pour in the wine and scrape any bits off the bottom of the pan. Bring to a boil and cook for about 2 minutes.
Add broth, more salt and pepper, brown sugar, bay leaves to the pan and stir to combine.
Add ribs back to the liquid, they should be almost completely submerged. Add sprigs of rosemary and thyme, and add pancetta on top. Bake at 350 degrees for 2 hours, then reduce hear to 325 and cook for an additional 30-45 minutes.
Remove pan from oven and let it rest on the counter for 20 minutes with the lid on. Skim the excess fat off the top before serving. Serve each short rib over a scoop of mashed potatoes or creamy polenta, and spoon some of the vegetables and juice from the bottom over each short rib.
