In a large pot, heat olive oil over medium-high heat. Add beef cubes and brown on all sides.

Remove beef and set aside. In the same pot, add onion and garlic, sauté until softened.

Return beef to the pot, add beef broth, carrots, potatoes, thyme, bay leaf, salt, and pepper. Bring to a boil.

Reduce heat to low, cover, and simmer for about 1.5 hours, or until beef is tender.

In a mixing bowl, combine flour, baking powder, and salt.

In another bowl, whisk together milk, melted butter, and egg. Pour into dry ingredients and mix until just combined.

After the stew has simmered for 1.5 hours, drop spoonfuls of dumpling batter onto the surface of the stew.

Cover and cook for an additional 15-20 minutes, until dumplings are cooked through.