Abstract
A polarization correlation experiment with two maximally entangled photons created by spontaneous parametric down-conversion is studied in the Weyl-Wigner formalism, that reproduces the quantum predictions. An interpretation is proposed in terms of stochastic processes assuming that the quantum vacuum fields are real. This proves that local realism is compatible with the violation of Bell inequalities, thus rebutting the claim that local realism has been refuted by entangled photon experiments. Entanglement appears as a correlation between fluctuations of a signal field and vacuum fields.