Pat the beef dry and season with salt and pepper. Heat 2 tbsp olive oil in a large pot or dutch oven over medium-high heat. Working in batches if needed, add the beef in a single layer and brown on all sides, about 2-3 minutes per side. Remove beef to a plate.

Add the remaining 1 tbsp oil to the pot. Add the onions, carrots, celery and garlic. Cook, stirring occasionally, until softened, about 5 minutes.

Sprinkle the flour over the vegetables and stir to coat. Cook for 2 minutes.

Pour in the beef broth and wine, scraping up any browned bits from the bottom of the pot. Stir in the tomato paste, bay leaves, thyme, salt and pepper.

Return the beef and any accumulated juices to the pot. Bring to a boil, then reduce heat and simmer for 1.5 hours, until beef is very tender.

Add the potatoes and peas and cook 30 minutes more, until potatoes are tender.

Remove bay leaves before serving. Serve stew topped with fresh parsley if desired.