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Yet both [Wright & Piper] miss the point that covenant theology highlights. None of the Reformers taught that God's essential righteousness is imputed or transferred to believers. Rather, they taught that the meritorious active and passive obedience of Christ as the faithful Servant of the Lord has be imputed to believers. So if the covenantal context is too faith in Piper's construal, missing form Wright's account is the third party in the courtroom--namely, the Last Adam, who as covenant head and mediator fulfills the terms of the law-covenant and bears its sanction on behalf of those whom he represents. Wright's objections can be properly addressed not by bracketing covenant theology but only by offering a different covenant theology. P.26-27
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Michael Scott Horton (Justified: Modern Reformation Essays on the Doctrine of Justification)