The music industry is currently in the midst of the biggest crisis in its history. Global music sales have dropped to their lowest levels since the launch of the Compact Disk. In April, EMI records' latest emergency measures involved sacking 1,500 people, and the UK label Telstar went bust at the start of the year. It's not all due to internet MP3 swapping and global piracy. EMI's misfortune might have something to do with the fact that they spent £80 million on signing, erm, Robbie Williams, while Telstar's blunder was simple. Their best artist was Victoria Beckham.

What's more, things are going to get worse. According to industry insiders in the UK , record labels are being instructed to play it safe. From now on they'll be exclusively concentrating on two market sectors– the under 15's and the over 35's – the two groups with conservative, predictable tastes.

Of course, from where we're sat in Eastern Europe , the impossibly glamorous world that the western music industry projects makes it look utterly invincible. If most Romanians are slightly ashamed of much of their local musical talent, then it's hardly surprising. We're on the receiving end of an industry whose whole purpose is to enthral consumers by the sparkle of all-things western.

Having grown up with the second-rate pop that the UK produces, I've decided to redress the balance. There are a number of very good reasons to be proud of Romanian music, and I'm not talking about the Cheeky Girls. Making cultural lists is a particularly Anglo-Saxon tradition, and being an Anglo-Saxon myself I thought I'd present my own Romanian musical cannon – va prezint ‘Lista Lui Wilsonescu'.

Best Hip Hop: You've probably never heard of him, but pull your jeans down that little bit lower and go ask the kids that hang out at Piata Romana about MC Vexxatu Vexx. If Eminescu had grown up listening to underground Hip-Hop, this is what he'd have sounded like. This is witty, passionate street poetry, and free from cheap laughs about making rude words rhyme.

Best Pop: Forget Marius Moga. The real Romanian Pharrell Williams is Bogdan Popoiag, one half of breakbeat masters Unu'. He's the genius behind the last three utterly infectious singles from Ozone, and the latest cover of the 1979 disco classic ‘ Funky Town ' (Sistem feat. Loredana). Next year he'll be producing for Justin Timberlake. Probably.

Best Chill-Out: Stop listening to Morcheeba / ‘Best Chill-Out Album in the World Ever Part 4' and take a look at something that's taking place on our own doorstep. Electric Brother is not only the masterminded behind the Nu-Jazz group ‘Aieva', but he's also got a stunning solo album. ‘Jazzonova', the Nu-Jazz label that's the barometer of cool in these matters, have already released one of his tracks.

Best Band: Partizan. They're the ‘Musical equivalent of Catavencu,' according to Mircea Toma. Who am I to argue?

Best Etno: Zdob si Zdub are one of the few groups that draw upon, rather than deny, their Eastern European heritage. There are British groups who'd sell their kidneys to make music this good. The video for ‘DJ Vasile' makes me want to run off and learn to play the Zongora in a tiny village in Maramures.

Lifetime achievement: In 1977, Jazz maestro Marius Popp recorded the absolutely classic Panoramic Jazz Rock, and he's still going strong today. His music is highly sought after by Japanese kids who're so cool that they've probably got mobile phones surgically implanted in their ears.

* 'Lista Lui Manolescu' is the title of a book by the Romanian critic Nicolae Manolescu which collects together his book reviews dating back to the 1970s. The idea was to present a literary cannon. Making lists, Manolescu noted, is a particularly Anglo-Saxon trait.