[Moved to DR at the May, 2015 meeting.]

Proposed resolution (April, 2015):

Change 11.4.8.2 [class.conv.ctor] paragraph 2 as follows:

[Note: An explicit constructor constructs objects just like non-explicit constructors, but does so only where the direct-initialization syntax (9.4 [dcl.init]) or where casts (7.6.1.9 [expr.static.cast], 7.6.3 [expr.cast]) are explicitly used; see also 12.2.2.5 [over.match.copy]. A default constructor may be an explicit constructor; such a constructor will be used to perform default-initialization or value-initialization (9.4 [dcl.init]). [Example: ... —end example] —end note]

The conditions under which an explicit constructor will be used are given in 11.4.8.2 [class.conv.ctor] paragraph 2:

An explicit constructor constructs objects just like non-explicit constructors, but does so only where the direct-initialization syntax (9.4 [dcl.init]) or where casts (7.6.1.9 [expr.static.cast], 7.6.3 [expr.cast]) are explicitly used. A default constructor may be an explicit constructor; such a constructor will be used to perform default-initialization or value-initialization (9.4 [dcl.init]).

The existence of this wording in normative text is confusing and should probably simply say that explicit constructors are used in direct initialization, with cross-references to 9.4 [dcl.init] and 12.2.2.5 [over.match.copy], possibly as a note.