Place the olive oil in a large heavy soup pot over medium heat. Cook the pancetta until golden and crisp, about 4 minutes.
Season the short ribs with salt and pepper, and dredge in the flour.
Remove the pancetta from the pan with a slotted spoon and set aside. Add the short ribs to the pan and brown on all sides, about 7 minutes total.
Combine the onion, carrot, parsley, and garlic in a food processor and blend until finely minced. Then add the tomatoes and tomato paste and pulse.
Once the short ribs are browned, carefully add the mixture from the food processor to the pot. Return the pancetta to the pot and stir. Add the rosemary, thyme, oregano, bay leaf, beef broth, and wine. Bring the mixture to a boil, then reduce the heat to a simmer, covered, for 1 hour and 15 minutes.
Remove the lid and simmer for another 1 hour and 30 minutes, stirring occasionally. Remove the meat and bones from the pot. Discard the bones and shred the meat. Return the meat to the pot.
Season with 1/2 teaspoon of salt and 3/4 teaspoon of pepper, or to taste.