2-D constrained Navier-Stokes equation and intermediate asymptotics

We introduce a modified version of the two-dimensional Navier-Stokes equation, preserving energy and momentum of inertia, which is motivated by the occurrence of different dissipation time scales and related to the gradient flow structure of the 2-D Navier-Stokes equation. The hope is to understand intermediate asymptotics. The analysis we present here is purely formal. A rigorous study of this equation will be done in a forthcoming paper.