Prepare all ingredients by washing and chopping vegetables and cutting beef into cubes.
In a large pot, heat olive oil over medium-high heat and brown the beef on all sides for 5-7 minutes.
Remove beef and sauté chopped onion and minced garlic in the same pot for 3-4 minutes until translucent.
Return beef to the pot and stir in beef broth, carrots, potatoes, celery, tomato paste, thyme, rosemary, bay leaf, salt, and pepper. Bring to a boil.
Reduce heat to low, cover, and let simmer for 90 to 120 minutes, stirring occasionally.
If desired, mix flour with water to create a slurry and stir into the stew during the last 10 minutes. Add frozen peas and cook for an additional 5 minutes.
Remove bay leaf before serving.