It is shown that addition of a two-body magnetic dipole operator arising from the exchange of the isovector pion and rho meson to the well-known one-body operator can give important corrections to the magnetic dipole moments of the A =4-16 nuclei. We performed shell-model calculations in complete $6co and (0+2)A'co model spaces, thus investigating simultaneously the eff'ects of extension of the model space and meson exchange currents on the magnetic moments. In the enlarged model space a significant improvement on the description of the magnetic moments is obtained by including exchange currents.
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