(I ask this question after reading this one.)
The form
(global-set-key (kbd "M-e") "e") is, as far as I can tell, equivalent to
(global-set-key (kbd "M-e") (lambda () (interactive) (insert "e"))) However, after evaluating
(global-set-key (kbd "M-e") "abcdeéfghij") pressing M-e inserts
abcde fghij (3 spaces instead of é). Looking up the keybinding, it appears that M-e is not really bound to (insert ...), but rather to a keyboard macro inserting all these chars... except that the é became a M-i. With a ê it's a linefeed (M-j). With a à it enters some menu (M-backtick), and so on.
But there isn't any problem if I create a macro using the keys for these characters.
So, the question is simple: what is going on here?