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Preheat the Oven:
• Preheat your oven to 350°F (175°C). Heat olive oil in a large Dutch oven or heavy-based pot over medium heat.
Cook the Bacon:
• Add the chopped bacon to the hot oil and sauté for about 3 minutes until crispy and browned. Use a slotted spoon to transfer the bacon to a plate, leaving the rendered fat in the pot.
Sear the Beef:
• Pat the beef chunks dry with paper towels and season with salt and pepper. Sear the beef in batches in the hot oil and bacon fat, browning all sides, about 2-3 minutes per side. Once seared, remove the beef and place it on the plate with the bacon.
Sauté the Vegetables:
• In the same pot, add the sliced carrots and diced onions. Sauté for about 3 minutes until they begin to soften. Add 4 cloves of minced garlic and cook for another minute until fragrant. Drain any excess fat, leaving about 1 tablespoon in the pot.
Thicken the Stew:
• Return the bacon and seared beef to the pot with the vegetables. Season with a pinch of salt and pepper. Sprinkle flour over the mixture, tossing well to coat the meat and vegetables. Cook for 4-5 minutes, allowing the flour to brown slightly.
Add the Liquid:
• Add the pearl onions (if using), red wine, and enough beef stock to barely cover the meat. Stir in the tomato paste, crushed beef bouillon cube, thyme, and bay leaves. Bring the mixture to a gentle simmer on the stove.
Bake the Stew:
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