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Here, we present an overview of a first principles homogenization theory of periodic metamaterials. It is shown that in a rather general context it is possible to formally introduce effective parameters that describe the time evolution of macroscopic (slowly-varying in space) initial states of the electromagnetic field using an effective medium formalism. The theory is applied to different types of “wire metamaterials” characterized by a strong spatial dispersion in the long wavelength limit. It is highlighted that the spatial dispersion may tailor in unique ways the wave phenomena in wire metamaterials leading to exotic tunneling effects and broadband lossless anomalous dispersion. [ABSTRACT FROM AUTHOR]