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The Franson interferometer, proposed in 1989 (Franson 1989 Phys. Rev. Lett. 62 2205–08), beautifully shows the counter-intuitive nature of light. The quantum description predicts sinusoidal interference for specific outcomes of the experiment, and these predictions can be verified in experiment. In the spirit of Einstein, Podolsky, and Rosen it is possible to ask if the quantum-mechanical description (of this setup) can be considered complete. This question will be answered in detail in this paper, by delineating the quite complicated relation between energy-time entanglement experiments and Einstein–Podolsky–Rosen (EPR) elements of reality. The mentioned sinusoidal interference pattern is the same as that giving a violation in the usual Bell experiment. Even so, depending on the precise requirements made on the local realist model, this can imply (a) no violation,(b) smaller violation than usual, or (c) full violation …