Chop the onions and the garlic finely. Next, chop the carrot into smallish cubes. Set aside separately.
Chop the beef into 3 cm/ 1.2 inch cubes. Place the cubes on kitchen paper and pat dry with another piece of kitchen paper. Remove the rind from the bacon in one piece (if it has any) and cube the bacon into small cubes.
Fry beef cubes: Place the rind of the bacon in a large Dutch oven. Let it render shortly, add 1 tablespoon of the olive oil and fry the beef cubes, in several batches, until nicely browned. Add a little more of the oil as needed. Remove the meat from the pot.
Add the bacon and fry shortly. Next, add the onions and the garlic and cook until translucent. Next, add the chopped carrots and continue cooking for further 5 minutes. Finally, add the tomato paste and cook shortly.
Return the meat and bacon to the pot. Sprinkle the flour all over the meat, stir well for about 1 minute.
Pour the red wine into the pot and let bubble, stirring until approximately reduced by half. Add the beef broth (and extra stock cube, if using), bay leaves, and thyme.
Close pot tightly: Place a piece of parchment paper over the pot, it should be a bit larger than the pot itself. Place the lid on top and make sure it is tightly closed.
Simmer: Reduce the heat and simmer for about 2 ½ to 3 hours, stirring every now and then. Check after 2 ½ hours; the meat should be very tender; if it is not yet, continue cooking it.
Adjust taste: If you feel that the sauce becomes too thick, add more bone broth or water. When the meat is very tender, adjust the taste of the stew with salt, pepper and a pinch of sugar.
Add the olives and let the sauce simmer for another 5 minutes or so until the olives are heated through.