Preheat the oven to 275°F. If desired, cut the beef into 4 or 5 smaller pieces. Heat the olive oil in a wide braiser or Dutch oven over medium high heat. Pat the beef dry and place in a single layer in the hot oil. Allow the beef to brown on the bottom before flipping and browning on the other side. Continue cooking the beef until all sides are browned. Remove to a plate and set aside. Spoon off any excess fat leaving only about 1 tbsp in the braiser.
Turn the heat down to medium and add the diced bacon along with the onions. Cook 4-5 minutes, stirring occasionally, until the bacon begins to brown and the onions are softened. Add the minced garlic, cloves, allspice, pepper, and tomato paste and sauté for another minute. Carefully pour the wine into the braiser to deglaze the pan and then add the beef broth and bay leaves.
Return the beef and any accumulated juices to the pan along with the carrots. Turn the heat up and bring the liquid up to a simmer. Cover and then place in the oven.
Braise the beef for 2 ½ to 3 hours until the meat is extremely tender. Flip the beef pieces in the braising liquid halfway through the cooking process. The beef is done when it can be easily pulled apart by a fork.
When the beef is done, use a slotted spoon to remove the beef and vegetables from the braising liquid. Place the braiser over medium high heat and bring to a simmer. Skim off and discard the fat. Taste and adjust the seasoning as needed. In a small bowl whisk together the cornstarch and water to make a slurry.
When the liquid comes to a simmer, quickly stir in the slurry. Cook until the sauce is thickened. Add more slurry if you prefer a thicker sauce. Use two forks to pull the chunks of beef apart into a few smaller pieces and then return to the pot along with the vegetables. Garnish with chopped parsley and serve with buttered spaetzle if desired. Enjoy!