1Preheat oven to 250F. Heat olive oil in a large Dutch oven. Add bacon and cook over medium heat for 10 minutes, stirring occasionally, until the bacon is lightly browned. Remove bacon with a slotted spoon and rest on plate. Be sure to leave the rendered fat in the pot.
2Dry beef cubes with a paper towel and sprinkle with salt and pepper. Working in single-layer batches, sear beef in hot oil for 5 to 8 minutes, turning to brown on all sides. Remove the seared cubes to the plate with the bacon and continue searing until all the beef is browned. Set aside.
3Add carrots, onions, 1 Tbsp of salt, and 2 tsp of pepper to the fat in the pot. Cook for 10-15 minutes, stirring occasionally until the onions are lightly browned. Add garlic and cook for 1 minute more.
4Add browned meat and bacon back into the pot, then add wine and enough beef broth to just cover the meat. Add tomato paste, bay leaves, and thyme. Bring to a simmer, cover pot with a tight-fitting lid and place in oven for about 75-90 minutes or until meat and vegetables are very tender when pierced with a fork.
5In a small bowl or cup, combine flour and 2 tablespoons of butter with a fork and then stir into stew. Add the pearl onions. In a medium pan, sauté mushrooms in remaining butter for 10 minutes until lightly browned, then add to the stew. Bring pot to a boil on top of the stove, then lower heat and simmer for 15 minutes. Season to taste with salt and pepper.
6To serve, thickly slice bread and toast in oven or toaster. Lightly brush bread with olive oil and rub 1 side of each slice with a cut clove of garlic. Remove bay leaves from stew. Place the toasted bread at the bottom of a shallow bowl and spoon the stew over top. Sprinkle with parsley and enjoy!