European Central Bank (ECB) President Christine Lagarde addresses a news conference on the outcome of the meeting of the Governing Council in Frankfurt, Germany, January 23, 2020.

The European Union could face a financial crisis similar to the global crash of 2008 if governments don't coordinate to tackle the spread of the coronavirus, the European Central Bank President Christine Lagarde has reportedly said.

The 27 European heads of state held a conference call Tuesday evening to harmonize their actions against the virus. The epidemic that started in China at the end of 2019 has spread worldwide and is weighing on all major economies. Italy, France, Spain and Germany are among the countries with the highest number of confirmed cases worldwide.

Lagarde, who joined the phone call among the 27 EU leaders, told them that without coordinated action Europe "will see a scenario that will remind many of us of the 2008 Great Financial Crisis," Bloomberg reported, citing a person familiar with her comments. The Financial Times also reported that Lagarde called on EU leaders to take urgent action or risk another crisis, citing a source.

CNBC was not able to independently verify the reports. A spokesperson for the European Central Bank declined to comment.