Schaeuble's deputy Jens Spahn told Reuters last week that a "prudent start to the exit" of the ECB's expansive monetary policy was desirable.
The ECB aims for inflation of just under 2 percent, but it has undershot its target for years. To fight off deflation, the central bank has cut interest rates to zero and launched a massive but controversial bond-buying programme.
Schaeuble and other German lawmakers have warned the ECB risks fuelling support for eurosceptic parties if it does not change course soon.
German federal, state and local governments and its social insurance funds have saved 240 billion euros since 2008 as the result of low rates, and 47 billion euros in 2016 alone, the Handelsblatt newspaper reported in Friday editions, citing calculations made by the German central bank.
The Rheinisch-Westfaelisches Institut fuer Wirtschaftsforschung, an economic policy centre, estimates that an interest rate increase of one percent would raise Germany's debt service costs by 21 billion euros per year, Handelsblatt said.