The Government should establish a £3 billion (€3.81 billion) contingency fund to secure the State's place as a world leader in electronic commerce.

According to Dr Daniel O'Hare, the outgoing president of Dublin City University, the money should be invested as required between now and the end of 2000 to transform the Republic into the European hub of e-commerce and the gateway into Europe for everybody else.

He also warns that the Government's existing ecommerce strategy will fail.

In the Story of the Week today, Dr O'Hare, and Mr Pat O'Neill, former chief executive of Glanbia, along with economist, Mr Colm McCarthy, outline their suggestions on how the Exchequer surplus can be best invested for future prosperity.

Mr McCarthy says the Government can knock at least £10 billion off the national debt by the end of next year. He also advocates a tax package aimed at boosting female participation in the workforce.

According to Mr O'Neill, £50 million should be set aside every year to boost marketing and research and development in indigenous firms. He advocates £600 million per year in tax cuts, a major investment in infrastructure and the reduction of the national debt by billions of pounds.

The Government, he says, should be spending an additional £40£50 million per annum upgrading sports facilities, including an extra £15 million each year on swimming pools.