With the rack in the middle position, preheat the oven to 180 °C (350 °F).
In a large ovenproof skillet, brown meat in half the oil. Season with salt and pepper on both sides. Set meat on a plate. In the same skillet, soften shallots with spices in remaining oil (30 ml/2 tablespoons). Sprinkle with flour and mix well. Deglaze with wine. Bring to a boil, whisking constantly.
Return meat to the skillet. Add half the veal stock and ketchup. Bring to a boil. Cover and roast in the oven for 3 hours. Turn meat over three or four times during cooking and baste with remaining veal stock.
Add carrots and pancetta around roast. Continue cooking, always covered, for about 1 hour or until meat is fork tender and vegetables are cooked.
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