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Special equipment: a 4-to-5 qt heavy ovenproof pot with lid
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Put oven rack in middle position and preheat oven to 325 degrees F.
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Heat oil in pot over moderately high heat until hot but not smoking. Meanwhile pat meat dry and sprinkle with salt and pepper. Brown meat in hot oil on all sides, about 10 minutes total. (If bottom of pot begins to scorch, lower heat to moderate.) Transfer to a plate using a fork and tongs.
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Add pancetta to oil in pot and saute over moderately high heat, stirring frequently, until browned and fat is rendered, about 3 minutes. Add onion, carrot, and celery and saute, stirring occasionally, until vegetables are softened and golden brown, 10 to 12 minutes. (This mixture is called mirepoix) Add garlic, thyme, and rosemary and saute, stirring, until garlic begins to soften and turn golden, about 2 minutes. Stir in tomato paste and cook, stirring, 1 minute. Add wine and boil until liquid is reduced by about half, about 5 minutes. Add water and bring to a simmer, then return meat along with any juices accumulated on plate to pot. Cover pot with lid and transfer to oven. Braise until meat is very tender, 2 1/2 to 3 hours.
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Transfer meat to a cutting board. Skim fat from surface of sauce and discard along with herb stems. Boil sauce until reduced by about one third, about 5 minutes, then season with salt. Cut meat across the grain into 1/2-inch-thich slices and return to sauce.
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Cook's Note: Beef improves in flavor if made 3 days ahead. Cool completely in sauce, uncovered, then chill in sauce, covered. Reheat, covered, in a preheated 350 degree oven until hot, 25, 30 minutes, then slice meat.
