Your student agreement (see documents tab on http://erasmusmundus.ie) covers this topic:
Students on scholarship are not permitted to earn a regular salary as stated in your student agreement (clause 11).
However, if a student is interested in some part time work that doesn't interfere with their timetable or that aligns directly with their project work we have some flexibility. Each case would need to be treated individually so when you have more details please let me know. Note also that depending on your circumstances you would be taxed on money that you earn after a certain threshold (and there may be restrictions associated with your visa).