This paper is concerned with the approximation of the Maxwell equations by
the eddy currents model, which appears as a correction of the quasi-static
model. The eddy currents model is obtained by neglecting the displacement c
urrents in the Maxwell equations and exhibits an elliptic character in the
time-harmonic formulation. Our main concern in this paper is to show that t
he eddy currents model approximates the full Maxwell system up to the secon
d order with respect to the frequency if and only if an additional conditio
n on the current source is fulfilled. Otherwise, it is a first-order approx
imation to the Maxwell equations. We also study the well-posedness of the e
ddy currents model and investigate the time-dependent case. All our results
strongly depend on the topology properties of the domains under considerat
ion. This dependence which is specific to Maxwell's equations does not appe
ar for the two- or the three-dimensional Helmholtz operator.