Heat Olive Oil in a large Dutch oven over medium-high heat. Cook Pancetta until crispy, then remove and set aside.
Brown the Beef in batches in the same Dutch oven, then set aside.
Add Onion, Carrots, Celery, Parsnip, and Turnip to the Dutch oven and cook until softened, about 10-12 minutes.
Add Garlic and cook for 1 minute more.
Stir in Tomato Paste and Smoked Paprika and cook for 2 minutes.
Deglaze the pot with Red Wine, scraping up any browned bits from the bottom.
Return the Beef and Pancetta to the Dutch oven. Add Beef Broth, Thyme, Rosemary, and Bay Leaf.
Bring to a boil, then reduce heat to low, cover, and simmer for 3-4 hours, or until the Beef is very tender.
In a small bowl, whisk together Flour with a little cold water to form a slurry. Stir the slurry into the stew and cook until thickened, about 5 minutes.
