Heat olive oil in a large skillet over medium heat. Add shallots and garlic and saute for a couple minutes or until tender. Add cream and cook for 1 to 2 minutes. Season with salt and pepper, to taste. Add prosciutto and peas and toss gently to combine. Sprinkle cheese over top and stir to melt and combine. Cook until heated through.
In a large pot of boiling salted water, add fettuccini and cook until al dente (just a couple minutes for fresh pasta.) Drain, reserving 1/4 cup pasta water. Add the reserved pasta water and drained fettucini to skillet. Toss to combine pasta with sauce and season with salt and pepper, to taste. Serve, garnished with extra cheese.