An analysis of gammagamma interactions has been performed using untagg
ed hadronic data obtained by the ALEPH detector at LEP. The data at lo
w transverse momentum (p(t)) are well reproduced by a model based on t
he vector meson dominance mechanism (VDM). At high p(t)thrust the pres
ence of hard scattering processes is demonstrated. This component is w
ell described in shape and normalization by a QCD calculation.