Heat the olive oil in a large Dutch oven over medium-high heat. Add the beef cubes and brown them on all sides for about 6 minutes. Remove the beef and set it aside.
Add the diced onion to the same pot and cook for 3 minutes until it softens. Stir in the tomato paste and cook for 1 minute more.
Return the beef to the pot along with the carrots, potatoes, beef broth, thyme, bay leaves, salt, and pepper. Bring the mixture to a boil, then reduce the heat to low, cover, and simmer for 1 hour.
While the stew simmers, prepare the dumplings. In a mixing bowl, combine the flour, baking powder, parsley, and a pinch of salt. Stir in the milk and melted butter until a soft dough forms.
After the stew has simmered for 1 hour, drop spoonfuls of the dumpling dough onto the surface of the stew. Cover the pot and cook for 15 minutes without lifting the lid so the dumplings steam through.