  We show that two evanescently coupled $\chi^{(2)}$ parametric downconverters
inside a Fabry-Perot cavity provide a tunable source of quadrature squeezed
light, Einstein-Podolsky-Rosen correlations and quantum entanglement. Analysing
the operation in the below threshold regime, we show how these properties can
be controlled by adjusting the coupling strengths and the cavity detunings. As
this can be implemented with integrated optics, it provides a possible route to
rugged and stable EPR sources.
