What is the level of work expected in the masters thesis of a student of maths?
I know some people's works are worthy of publications while some involve only studying some topic in detail from a book and submitting a summary (since this is akin to a couple of courses, a year worth of work, in that topic in terms of content covered, I would consider this,which I believe is called a literature review thesis, as an extreme opposite of independent research work thesis).
But what is the "average" level of a MS thesis of a mathematics student? Is it usually closer to a literature review thesis or a research work thesis?
In particular, I would also like to know:
How much is it valued (if at all) when one applies for PhD?
I have heard that its value is more in Europe than America, which if I were to guess I would say, may be due to absence of GRE like criterion there. Is this true?
Edit: After the wonderful existing answer explaining the case in Germany, I would really like to know the situation in US too. I expect a drastic difference due to the presence of GRE system but would like to know how much importance the thesis has, there.
PS: Please excuse me if one can find answers to some of these questions in already existing questions. I have searched, but couldn't find them. Please provide the links in those cases.
Also, anecdotal details will also be greatly appreciated. Thanks!