Traditional Beef Stew

Name: Traditional Beef Stew
Ingredients: 3-4 pounds Beef Stew Meat (trimmed); 1 pound Carrots (baby ones are fine); 4 cups Beef Stock; 2 Dried Bay Leaves; 15-20 ounces Dry Red Wine (I prefer Cabernet Sauvignon Merlot blend); 1/4 teaspoon Dried Thyme (you can also use 2 sprigs fresh); 2 cups Frozen Peas; 2 tablespoons Olive Oil (or Spray, just to coat pan); 3 potatoes; 1 medium sized onion; 1/2 cup all purpose flour; salt; fresh cracked pepper; 2 cups water (optional)