Coat beef with flour, shaking off excess. In a large nonstick stock pot, heat oil over medium-high heat, add beef and sauté until brown, approximately six minutes. Remove beef from stock pot and set aside.
Add onions, celery, potatoes and carrots to the stock pot and sauté for six minutes. Then add garlic and sauté for one minute, continually stirring.
Return cooked beef to the pot; stir in the tomato paste, broth and bay leaves. Add enough water and red wine (if you want)to just cover the ingredients and bring to a boil. Reduce heat to low and simmer until the beef is tender, about one hour and 15 minutes.
Add green beans and peas. Cover partially and simmer for 15 minutes.
In a small mixing bowl, mix cornstarch and cold water. Stir mixture into stew. Increase heat and boil uncovered for one minute until thick.