Bring a large pan of salted water to the boil, add the farfalle, and cook for 10 minutes or until al dente (farfalle noodles take a little bit longer than spaghetti noodles).
Whisk the egg in a bowl with the cream, salt and pepper.
Place the pancetta into a another large frying pan and cook until crispy and caramel brown.
When the farfalle is nearly cooked, add the peas to the pasta and water for the last minute and a half.
When cooked, drain in a colander, saving a little of the cooking water.
Add the pasta and peas to the pancetta.
Add the egg and cream mix to the pasta, peas and pancetta mixture. What's important here is that you add it while the pasta is still hot. This way, the heat of the pasta cooks the eggs and creates a silky smooth sauce.
Add the Parmesan cheese and gently blend everything together.
Add the Italian Parsley and once again blend gently (original recipe calls for mint).
Toss together and loosen with a little of the reserved cooking water if necessary.
Season with salt and pepper . . . just a note: it really needs this!
Serve as soon as possible while hot.