The Germans, three-time world and European champions, have a surprisingly bad record against the Azzurri, having won only seven of their 30 encounters and none of their seven tournament matches.
"I think the time has come to beat the next big opponent," said Schweinsteiger. "We have already beaten Argentina, England, Netherlands and Brazil and I think Italy are next."
"We certainly have respect for them for what Italy have achieved here, especially with the football scandals back home. But we have no fear," said Schweinsteiger.
The midfielder also declared himself "100 percent fit" after missing training earlier this week with an ankle injury, saying: "I'm optimistic. This is the highlight of a long season for us."
"We can beat any team in the world. Not that we will win against everyone but we can. The important thing is to impose our own rhythm.," he said.
"We don't want to be reacting to the opponents' game," said the 52-year-old. "It could be the case that we will try to exhaust them with a high tempo."
"I could make some changes with players who do not need a long run-up," said Low referring to those squad members who can come into the side and make an immediate impact. "I do not take decisions based on what could happen. I am led by conviction."
