As the Federal Reserve debates the timing of its first interest rate hike since 2006, International Monetary Fund (IMF) Managing Director Christine Lagarde is urging central banks to cooperate on policy moves.

"I know that this topic has some very vocal skeptics, but also very ardent supporters," Lagarde said at the European Central Bank (ECB) Forum on Central Banking in Sintra, Portugal late Sunday.

"As the crisis has taught us, in times of distress, the potential gains from cooperation can be huge. Cooperation essentially reduced the risk of tail events with large international feedback effects," she added.

Read MoreEurope's crisis not over yet: IMF's Lagarde



The Fed and the Bank of England are expected to start raising interest rates in 2015.

The Fed's decision to unwind quantitative easing last year threw emerging markets into turmoil, prompting sharp currency and equity market declines in India, Indonesia, Brazil, South Africa and Turkey, and underscoring the impact of Fed policy on global markets.

Emerging market central bankers have since stepped up calls for policy transparency among central banks.