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So did I think.. until I had this on my desk:

Starting Vivado, click click click.. Exporting to SDK, click...

Starting lwIP based Echo Server. No Echo. No nothing.

Enabling all possible software debug settings.. 

Nothing.. Echo server starts and nothing after that.

Stepping back to simpler test, starting Xilinx peripheral test that does PHY loop-back. Connecting Artix to PC using USB Ethernet Adapter. Starting peripheral test. Link goes down. And does not come back. Connecting DSO to RJ45 to SMA break out board and what I see?

Continuous MLT-3 encoded transmit data-streams with no gaps alternating with about 2 seconds interval on RX and TX pairs!