We develop a continuum theory of electrolyte solutions in contact with a metal electrode, based on a generalized free energy functional, and use it to explore the structure of the electric double layer at different electrochemical conditions. The model captures the effects of specific adsorption of ions and solvent polarization, and can be applied on the same footing to cases with non-zero faradaic current, beyond the classical double-layer regime. These advances permit the prediction of peculiar character in the ion profiles at electrode potentials near the redox level, exploration of the electrochemical stability of the interface, and differentiation between the mechanisms of electron and ion transport and associated time scales. The developed methodology enables us to selfconsistently determine the fundamental limits for a microscopic description of biased interfaces, in terms characteristic sizes and time scales of relevant processes, within atomistic and ab initio molecular dynamics simulations. As the efficiency of electrochemical conversion is dictated by the energetics of elementary charge transfer reactions occurring at the electrode/electrolyte interface, the formulation of methods of control over these reactions has become the pivotal goal of fundamental material science for advanced energy storage systems. The ultimate goal of theoretical electrochemistry then is to explore the energetics of the relevant processes from an atomistic perspective by means of ab initio molecular dynamics (AIMD) where ionic and electronic components of the system are described explicitly and are constrained by various realistic conditions, such as the external bias, the temperature and the electrolyte concentration. However, despite more than a decade of efforts this goal is still far from being fulfilled.There are several interconnected fundamental problems to resolve before an atomistic approach could be routinely used to describe electrochemistry, if only at the level of a half-cell (i.e., a single electrodeelectrolyte interface). First, there are at least three distinct regimes of performance of the electrochemical interface and each of these is characterized by different sets of the time and space scales: a) the classical electric double layer (EDL) regime when no charge transfer is assumed, b) the regime of an electrode at equilibrium with the electrolyte (open circuit conditions, (OCP)) when only an exchange current in a form of mutually compensating fluxes of charged particles is possible, and c) the "true" electrochemical regime with a non-zero net faradaic current. As long as the goal of atomistic simulations is to reach a state when one would observe the actual electrochemical reactions driven by the bias, the computational electrode potential scanning protocol should carry the system through a set of (quasi-)equilibrium points at which the atomistic structure is consistent with the targeted external conditions. The key requirement for such simulations is thus thermodynamic stability of the interface that encom...