In Germany they refer to EIFS as ETICS--which stands for Exterior Thermal Insulation Composite Systems. EIFS (pronounced "ee-fus") is a much better word. It's nice that the Germans invented EIFS but it's crazy to have an abbreviation that describes it that is nearly useless.
The rule with EIFS systems is that they need to have a drainage plane behind the insulation. In some climates, like Massachusetts, you can get away with a face-sealed system, but when things go wrong, they can go wrong in the worst way possible.