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In a large pot or deep skillet, brown stew meat in olive oil until browned on all sides, about 4 minutes. Pour in onions, carrots, garlic, and spices. Cook another 5 minutes. Deglaze pan with beef broth. Cover and simmer 2-4 hours or until meat is very tender. (This would be perfect to cook in the crockpot!)
When you are ready to serve, remove bay leaf. In a small bowl, stir softened butter and flour together until smooth and incorporated. Stir butter mixture into the stew with the frozen peas. Once the gravy thickens slightly, it's done. Serve hot over mashed potatoes.