  Following a suggestion given in Nucl. Phys. B 300 (1988)611,we show how the
U(1)*Z_{2} symmetry of the fully frustrated XY (FFXY) model on a square lattice
can be accounted for in the framework of the m-reduction procedure developed
for a Quantum Hall system at "paired states" fillings nu =1 (cfr. Cristofano et
al.,Mod. Phys. Lett. A 15 (2000)1679;Nucl. Phys. B 641 (2002)547). The
resulting twisted conformal field theory (CFT) with central charge c=2 is shown
to well describe the physical properties of the FFXY model. In particular the
whole phase diagram is recovered by analyzing the flow from the Z_{2}
degenerate vacuum of the c=2 CFT to the infrared fixed point unique vacuum of
the c=3/2 CFT. The last theory is known to successfully describe the critical
behavior of the system at the overlap temperature for the Ising and
vortex-unbinding transitions.
