Dry the veal shanks by patting them with a paper towel.
Add the flour to a shallow bowl and dredge the veal in the flour, coating them on each side.
Heat the olive oil in a large Dutch oven or pot over medium high heat. Sear the veal shanks, browning each side for just a minute. Set the browned veal aside. It will not be cooked just yet.
Add the chopped bacon to the same Dutch oven and cook until browned, about 5-7 minutes. Add the onion, carrot and celery to the pot and stir. Cook for another 5 minutes to soften the veggies, stirring occasionally.
Add the garlic to the pot and cook for another minute.
Add the wine and boil for about 2 minutes to reduce. Stir in the chicken broth, tomato paste, thyme, bay leaf, salt and pepper.
Add the browned shanks back to the Dutch oven and lower the heat to very low. Cover the pot and simmer the osso buco for 1 1/2 to 2 hours over low heat.
Discard the bay leaf then serve the osso buco on top of risotto alla Milanese, creamy polenta, or with a light pasta.