1Remove fat from beef. Cut beef into 1-inch cubes.
2Heat oil in nonstick 4-quart Dutch oven over medium heat. Cook pancetta, onion, bell pepper, garlic and parsley in oil about 10 minutes, stirring occasionally, until pancetta is brown.
3Stir in beef and remaining ingredients. Heat to boiling; reduce heat. Cover and simmer about 1 hour, stirring occasionally, until beef is tender. Remove bay leaves.