Heat olive oil in a large heavy saucepan over medium heat. Sauté shallots until softened. Stir in bacon and onion; cook and stir until bacon is evenly browned. Stir in garlic when bacon is about half done. Remove from heat.

Bring a large pot of lightly salted water to a boil. Add pasta and cook for 8 to 10 minutes or until al dente. Drain pasta, then return it to the pot.

Whisk Parmesan, cream, and egg yolks together in a medium bowl. Pour bacon mixture over pasta; stir in cream mixture. Season with salt and pepper.