After having looked thoroughly at various university websites, e.g. North American, Australian and European, the term specialisation appears to often have the same meaning as a major (versus a minor). However, as Diarmuid already has pointed out, such terms are often being used rather broadly, all depending on the country and/or institution in question. It is definitely true that specialisation courses lead to the thesis phase, just like they do in Denmark. Specialisation is not nearly specific enough to me, especially since a master's student can in fact choose not just one, but even two specialisations. However, I believe that one can only write one single master's thesis - before potentially continuing with a PhD-dissertation.
Just one example out of many:
http://www.unesco-ihe.org/Education/MSc-Programmes/MSc-in-Mu...
The translation workplace 
peer agreement (net): +1
