I think Tom Barr ruled out allelopathy using activated carbon in a filter, which would quickly remove any such chemicals.
For me EI is quite simple. It creates a very stable environment in the tank very quickly (thought both keeping the fert levels the same and having lots of plant growth). Algae are your classic opportunistic plants, that will take advantage of situations when other plants will be struggling. Sudden changes in an aquatic environment require higher plants to acclimatise themselves, this 'lag' period is the algae's opportunity to thrive relatively unhindered. So they algae germinate and grow, often taking over that environment and stopping the plants from ever re-sabilizing it.
A phase Tom once said I will never forget.
'Its not that algae cant grow, its that they aren't given the cues to germinate'
Sam