Heat the olive oil in a large heavy-bottomed pot over medium-high heat. Season the beef with salt and pepper, then brown in batches until well-coloured. Remove and set aside.

Reduce heat to medium. Add the onions to the same pot and cook for 6–8 minutes until soft and lightly golden. Stir in the garlic and cook for 30 seconds until fragrant.

Remove the pot briefly from direct heat, add the paprika and caraway seeds, and stir quickly to coat the onions without burning the spices.

Stir in the tomato paste, return the beef to the pot, add the bay leaf and pour in the hot beef stock. Bring to a gentle simmer.

Cover and simmer on low heat for about 90 minutes, stirring occasionally, until the beef is fork-tender.

Add the potatoes and carrots, cover again and cook for a further 25–30 minutes until vegetables are tender and the stew has thickened slightly.

Remove bay leaf, taste and adjust salt and pepper. Rest off heat for 5 minutes before serving.